Wall Street surges after two-day fall

November 22nd, 2008 - 8:09 am ICT by IANS  

Barack ObamaNew York, Nov 21 (Xinhua) Wall Street rallied Friday after reports that US president-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as treasury secretary.All major indexes jumped more than five percent and the Dow Jones industrials surged nearly 500 points in a late afternoon rally.

US stocks opened higher in the morning after market rout in the past two days, which sent the Dow Jones industrial average and the Standard & Poor’s 500 index to the lowest finish since March 2003 and the lowest close since April 1997 respectively.

The Dow Jones average rose 494.13 points, or 6.54 percent, to settle at 8,046.42. The Standard & Poor’s 500 index jumped 47.59, or 6.32 percent, to 800.03, and the Nasdaq composite advanced 68. 23, or 5.18 percent, to 1,384.35.

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