Stocks closed higher on reports that Federal Reserve Bank of New York President Timothy Geithner will be nominated the next Treasury Secretary under President-Elect Obama.
The Dow Jones Industrial Average rose 494 points (6.6%) to close at 8,047, the S&P 500 Index was up 48 points (6.3%) to 800, while the Nasdaq Composite increased 68 points (5.2%) to 1,384. Crude oil rose $0.51 to $49.93 per barrel, and gold ended up $54.19 at $799.25 per ounce. For the week, the DJIA fell 5.3%, the S&P 500 Index was down 8.4%, and the Nasdaq Composite dropped 8.7%.
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