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Dow Up 494 on Geithner Pick

Index gets back over 8,000, but lose for the week

By Nick McMaster, Newser Staff

Posted Nov 21, 2008 3:23 PM CST

(Newser) – News that Barack Obama’s will nominate Timothy Geithner, head of the New York Fed, as Treasury Secretary buoyed stocks today, although the major indices all lost value for the week, MarketWatch reports. The Dow closed up 494.13 at 8,046.42. The Nasdaq gained 68.23 to settle at 1,384.35, and the S&P 500 rose 47.59, closing at 800.03.

The broader rally failed to reach several key financial stocks. Citigroup saw another huge daily drop as investors ponder its future; it’s now valued at $20 billion, 11% of its 2007 worth. KeyCorp and Hartford financial also saw roughly 10% declines. The Gap, however, rallied 27% after reporting a 3% rise in quarterly profits.

For the week, the Dow fell 5.3%, the Nasdaq lost 8.7%, and the S&P 500 lost 8.4

[Images (2)]

[Quotes (2)]

Traders gather at the post that handles Citigroup on the floor of the New York Stock Exchange today. (AP Photo)

Trader Robert McGrath works on the floor of the New York Stock Exchange today. (AP Photo)

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I'm feeling slightly better than yesterday, but we're not out of the woods yet. Everyone's got one eye on Citi and one eye on Washington.
- Warren P. Meyers, WJ Dowd Inc.

Finding a bottom is more about reaching the end of fund redemptions, not about a level or a valuation.
- Marc Pado, Cantor Fitzgerald.

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Dow Up 494 on Geithner Pick