Stocks surged roughly 500 points in the final hour of trading today, on reports that New York Fed President Tim Geithner will likely become the next Secretary of the Treasury when Barack Obama takes office at the end of January.
What's it mean for investors? Apparently, something good. During these tumultuous times, markets loathe even the slightest bit of uncertainty, so just getting confirmation that someone has the guts to take the position was enough to pop the champagne bottles and spark a rally. Rumors have been swirling for weeks over who'd take former Goldman Sachs
Other apparent candidates included JPMorgan Chase
One huge benefit in selecting Geithner is that he was front and center at the New York Fed during the Bear Stearns, AIG
For the first time in a while, the Secretary of the Treasury will be one of the president's most important cabinet members. What do you think about the pick? Take a second to weigh in via the Fool poll below, and share your thoughts in the comment section if you feel so inclined.
Fool contributor Morgan Housel doesn't own shares in any of the companies mentioned in this article. JPMorgan Chase is a Motley Fool Income Investor recommendation. The Motley Fool is investors writing for investors.