NEW YORK (Reuters UK) - U.S. stocks rallied late on Friday after multiple news reports that New York Federal Reserve President Timothy Geithner will be nominated as President-elect Barack Obama's Treasury secretary.
The news erased uncertainty that has been hanging over the market and helped offset fresh worries about the future of embattled No. 2 U.S. bank Citigroup (C), which had earlier put a cap on a broad advance during a choppy session.
Advancing energy shares also gave the markets a lift, climbing alongside oil, which rallied from 3-1/2-year lows. Exxon Mobil (XOM) was the biggest lift for the Dow, gaining 6.2 percent to $72.77.
The Dow Jones industrial average rose 188.04 points, or 2.49 percent, to 7,740.33. The Standard & Poor's 500 Index gained 17.98 points, or 2.39 percent, to 770.42. The Nasdaq Composite Index was up 23.06 points, or 1.75 percent, at 1,339.18.
(Reporting by Leah Schnurr; Editing by Leslie Adler)
