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Dow Soars on News of Obama's Treasury Pick

Reported by Melanie - November 21, 2008 -

Mid-afternoon today (November 21, 2008) word leaked out that Barack Obama has tapped Tim Geithner to head the Treasury Department. Wall Street was so thrilled that it rallied from an essentially flat position to being up 494.13 points. Astonishingly, the Standard & Poor’s 500 Index rebounded from an 11-year low!

Even Fox admitted that the rally was due to Geithner's appointment. It was undeniable and unavoidable so I'm sure they were gritting their teeth when this chyron went up:

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