NEW YORK, Nov. 21 (Xinhua) -- Wall Street rallied Friday after a two-day plunge following reports that U.S. President-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as treasury secretary.
All major indexes jumped more than 5 percent and the Dow Jones industrials surging nearly 500 points in a late afternoon rally.
U.S. stocks opened higher in the morning after market rout in the past two days, which sent the Dow Jones industrial average and the Standard & Poor's 500 index to the lowest finish since March 2003 and the lowest close since April 1997 separately, attracted bargain hunters.
The Dow Jones average rose 494.13 points, or 6.54 percent, to settle at 8,046.42. The Standard & Poor's 500 index jumped 47.59, or 6.32 percent, to 800.03, and the Nasdaq composite advanced 68.23, or 5.18 percent, to 1,384.35.
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