The Dow Jones Industrial Average added 494 points or 6.5% to end at 8,046.66. The Standard & Poor's 500 climbed 6.3%.
The NBC television network reported the president of the Federal Reserve Bank of New York, Timothy Geithner, would be nominated as treasury secretary.
Mr Obama is expected to announce his economic team on Monday.
The NBC report was welcomed by investors in what has been yet another volatile week of trading amid ongoing fears over the scale of the economic contraction.
"It is a bit of good news in that it takes the uncertainty out," said Joe Saluzzi, co-manager of trading at Themis Trading.
Mr Geithner has worked closely with outgoing Treasury Secretary Henry Paulson in addressing the credit crisis and finding ways to boost the economy.
The 47-year-old played a crucial role in talks with Lehman Brothers before the investment bank went bankrupt.
He was also instrumental in the deals involving insurer AIG and JP Morgan, another bank.
The NBC report was enough to counter concerns over the finance sector and in particular the future over banking giant Citigroup, which saw its shares plummet 20% as board members met.
Rising commodity prices helped boost mining and energy firms.
Aluminium company Alcoa added 23% while Exxon climbed 10%, after the price of oil recovered from its lowest level in more than three years.
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- InformedTexan
- added this
- added November 22, 2008
- flag
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Please! Timothy Geithner, can you help us?
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If his press clippings hold true he may be able to to stem the arterial gush. Heres to hoping that it's not just a good press agent that's gotten him this far.
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- bluestranger
- 8 months ago
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I would like to know his opinion om the bailout.
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I don't know enough about this guy yet to knowledgeably comment. But I'm putting the last vestiges of any faith I may have in the political system into Obama and his cabinet. Make me believe again, guys. I'd really like to think it's not just about a bunch of bureaucratic vultures partnering up with big business to come up with new and innovative ways to pick the bones of the little guy. I'll be watching....and hoping....
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I don't trust this guy.
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Surged to take back less than half of the losses from the previous two days. Excuse me if I reserve judgement.
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Same old shit.
Would you like diarrhea or constipation?
Let the printing begin!
Ride on!
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how exactly was this the cause for the markets going up? the market moves on whims and we try to assign causes to it...
but if the market did make such an surge because of a political appointment, how does that not make us a fascist economy? why else would business get so excited about a political appointment?
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Stocks are bare it's time too buy.
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- kennymotown
- 8 months ago
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Somebody farts in the wrong direction, the market goes down.
Someone else farts in another direction, and it goes back up. -
JohnA and csmonut,
Inclined to agree with your assessment.
This looks like herd-think again. Perhaps a variation on "Youthful exuberance" but more like "it can't keep going down, can it?"
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- AveryMoore
- 8 months ago
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i think they would have been better giving that money to people who make less than one hundred thousand a year and have some guidelines you had to use it to buy american products and services
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- TexasPatriot67
- 8 months ago
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The people will stimulate the economy as they always have when the government doesn't do too much to interfere.
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- samthesixth
- 8 months ago
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