Nov. 21 (Bloomberg) -- U.S. stocks rallied and the Standard & Poor's 500 Index rebounded from an 11-year low after President-elect Barack Obama picked New York Federal Reserve Bank chief Timothy Geithner to head the Treasury.
"This news could really give the stock market a badly needed shot in the arm," Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, wrote in an e-mail to clients. Geithner is a "fantastic choice to help lead the financial markets out of the wilderness."
Andrea Mitchell and Chuck Todd say that President-elect Obama will announce the team and answer questions on Monday:
© Jed Lewison