U.S. stocks will start next week with investors looking for some respite after reports of key nominations to the administration of President-elect Barack Obama helped stem heavy selling that had slammed the market to 11 year lows.
In particular, the nomination of Tim Geithner, currently the head of the New York Federal Reserve, as the next treasury secretary, seemed to find immediate approval from Wall Street, judging by a market rally that saw the Dow industrials jump nearly 500 points Friday.
"That's good news," said Robert Pavlik, market strategist at Oaktree Asset Management. "Now we have a team that can come together and start coming up with a plan. The foundation has been laid to start addressing the situation."
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