After a flurry of bad news, including the sickening drop in CitiGroup shares to below $4, the Dow Jones Industrial Average traded as low as 7,449.38 today, before surging 500 points to close at 8,046.42.
On possible factor is the selection of New York Federal Reserve Bank President Timothy Geithner as Treasury secretary by President-elect Barack Obama.
For the day, the Dow closed at 8,046.42, up 494.13 points, or 6.54%. The S&P 500 closed at 800.03, up 47.59, or 6.32%. The Nasdaq closed at 1,384.35, up 68.23, or 5.18%.
