The choice of Timothy Geithner to be the next Treasury Secretary was greeted enthusiastically on Wall Street and sparked a huge rally in stocks.
An hour before the market closed, NBC News reported that President-elect Obama had picked Geithner, currently the president of the New York Federal Reserve Bank, for Treasury.
Obama, who will formally announce his economic team on Monday, also will tap New Mexico Gov. Bill Richardson as Secretary of Commerce, NBC News said.
The New York Times, meanwhile, said New York Sen. Hillary Clinton has agreed to become Obama's Secretary of State, although a spokesman for Clinton said she has not made a final decision .
Geithner, 47, is a career Treasury official who has worked at the department under five secretaries since 1988. He was undersecretary of international economics from 1998 to 2001 and served in several other Treasury posts. He become New York Fed president in 2003.
"A fantastic choice to help lead the financial markets out of the wilderness,'' said Chris Rupkey, senior economist at The Bank of Tokyo-Mitsubishi in New York. "A crisis manager par excellence who will hit the ground running as he has been on the case since the global funding crisis began way back in July 2007.''
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