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Stocks rally late
Stocks rallied strongly at the end of the session, after a report that President-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as Treasury secretary.
New York (AP) — The market's moves had been indecisive for much of the session, coming after two days of heavy selling.
The Dow rose 494 points to 8,046, a gain of 6.5 percent. For the week, it was down more than 5 percent.
The S&P 500 gained nearly 48 points to 800. The Nasdaq composite rose 68 points to 1,384.
Advancing issues topped decliners by a 5-3 margin.
Volume on the NYSE came to 9 billion shares. Nasdaq volume was 3 billion.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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