Markets Surge Over Possible Geithner Nomination
Reports that President-elect Barack Obama will name New York Federal Reserve President Timothy Geithner to the position of Treasury Secretary sent the markets soaring to a sharply higher close with the Dow rocketing 494 points to 8046. Nasdaq leaped 68 points to 1384.
On the upside
YRC Worldwide (Nasdaq: YRCW) must take a charge between $7 million to $10 million in the fourth and first quarter to collateralize its remaining unencumbered assets.
Stillwater Mining (NYSE: SWC) opened discussions with the United Steel Workers regarding the company's restructuring plan prompting an upgrade.
Higher gold prices lifted shares of Newmont Mining (NYSE: NEM), Barrick Gold (NYSE: ABX) and Gold Fields (NYSE: GFI).
American Axle & Manufacturing (NYSE: AXL) declared a quarterly dividend of 2 cents per share payable on December 29 to shareholders of record December 8.
On the downside
A hedge fund sold shares of Media General (NYSE: MEG) lowering its stake from over 18% down to 16.67%.
Renewed concerns about the health of the financial services industry weighed down shares of JPMorgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC).
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 21 points to 407.
