Stocks jump on report of Geithner nomination

NEW YORK (AP) -- Wall Street is ending a volatile week with an unexpected jolt of confidence following reports that President-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as Treasury secretary. The major indexes have jumped more than 5 percent, with the Dow Jones industrials surging nearly 500 points.

Stocks have erased about half of the losses that came in steep selling Wednesday and Thursday.

Wall Street appears buoyed by reports that Obama plans to name his economic team on Monday -- offering investors some hope of a smooth transition in an uncertain market.

The Dow is ending up 494, or 6.5 percent, at the 8,047 level.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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