U.S. stocks on Friday rallied on a report President-elect Barack Obama would nominate Timothy Geithner to be the nation's Treasury secretary.
"The market's message is Geithner is a good choice. He's young, he's intelligent and he's experienced. What this country needs are people who are young, full of energy, and can put in 26-hour days. There's nothing like leverage," said Hugh Johnson, chairman of Johnson Illington Advisors.
After a volatile afternoon of indecisive trade, the Dow Jones Industrial Average (DJI) surged 508.63 points to 8,060.92.
Of the Dow's 30 components, all but three posted gains.
Aluminum producer Alcoa Inc. (AA) fronted the Dow's gains, climbing 22.6%
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