Stocks soar after government bailout of Citigroup - Spokane, North Idaho News & Weather KHQ.com

WALL STREET

Stocks soar after government bailout of Citigroup

NEW YORK, N.Y. - Wall Street has barreled higher for the second straight session, this time in a relief rally over the government's plan to bail out Citigroup Inc. The Dow Jones industrials soared nearly 390 points, bringing their two-day advance to more than 880, or 11 percent.

Investors are hoping the rescue of Citigroup will help lift some of the uncertainty hounding the financial sector and the overall economy. Many observers saw the move as offering a template for how the government might carry out other bank stabilizations if they are needed.

Still, the market remains wary, especially with the economy in a serious downturn. The Dow was up more than 500 points in the last hour before giving up some of its gains as many investors wanted to take some money off the table before the next bit of bad news arrives.

Meanhwile President-elect Barack Obama is warning Americans that the economy "is likely to get worse before it gets better."

While unveiling his economic team, he said he agrees with the Citigroup bailout, and urged the incoming Congress to quickly pass a stimulus plan.

He called on lawmakers to start work on an aggressive plan when they are sworn in January, so that his administration can, as he put it, "hit the ground running."

Obama wants action that will stabilize the financial system and get credit flowing, as well as create jobs in areas including rebuilding infrastructure and creating clean energy.

Obama confirmed today that he's chosen New York Federal Reserve President Tim Geithner to be his treasury secretary.

Obama says Geithner brings a "unique insight" into the failures of the markets, and the steps that need to be taken to fix them.

Geithner has worked closely with the Bush administration in recent months to deal with the financial crisis.

Obama today unveiled an economic team that also includes Lawrence Summers as head of the National Economic Council, making him Obama's chief economic adviser. Summers is a former Treasury secretary.

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