Stocks rallied Friday, with the Dow industrials closing up 494 points after reports surfaced that President-elect Barack Obama will nominate New York Federal Bank President Timothy Geithner as his new Treasury secretary.
The Dow Jones industrial average (INDU) rose 494 points, the fifth-biggest single-session point gain ever, according to Dow Jones. The daily gain of 6.5% was not a record.
The Standard & Poor's 500 (SPX) index gained 6.3% and the Nasdaq composite (COMP) added 5.2%.
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