Friday, November 21, 2008

US stocks rally on Geithner appointment

US stocks rallied strongly at the close on news that Timothy Geithner would be the new Treasury Secretary in the incoming Obama administration. The Dow ended the day at 8046 and the SPX closed at 800. The rally followed a similarly strong rally in Asia that saw Indian stocks rise 5% as the Nifty rose to 2693 and the Sensex at 8915.

While I expected this bounce earlier in the week, better late than never. This sets up the prospect for more gains next week.