Citigroup bailout sparks stock surge on Wall Street gains
The government’s 20 billion dollar Citigroup rescue and 306 billion in guarantees triggered a broad market rally. The Dow jumped 396.97 points to 8443.39, led by banks with major indexes up over 4.5 percent as investors saw a potential template for stabilizing the financial sector.
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Citigroup
U.S
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CreateCapital. Com
Bleier
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American International Group Inc
Fannie Mae
Freddie Mac
Anthony Conroy
BNY ConvergEx Group
Fed
Conroy
Summers to lead Obama economic council in new role
Former Treasury secretary Lawrence Summers named by President-elect Obama to head the National Economic Council. Summers, 53, brings long policy experience from the Reagan era to the NEC, which coordinates federal economic strategy across agencies. Gene Sperling welcomes his return to public service as essential to shaping stimulus and energy policy.
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Paul Samuelson
Kenneth Arrow
Obama to name Peter Orszag as budget director
President-elect Barack Obama plans to nominate Peter Orszag to head the Office of Management and Budget. Orszag, 39, currently leads the Congressional Budget Office and would become the president's top adviser on spending and taxes if Senate confirmation is received. The announcement was set for Tuesday in Chicago.
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Obama urges passage of stimulus legislation
President elect Barack Obama pressed Congress to pass a costly stimulus package to avert job losses as the Bush administration approved further bank bailouts. He warned swift bold action was needed to save millions of jobs while signaling support for aid to GM Ford and Chrysler with a call for meaningful spending restraint.
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