Rally ends volatile week...Cabinet picks...Auto bailout battles

NEW YORK (AP) Stocks have ended another volatile week with a big rally. The Dow finished with a gain of 494 to close at 8,047.

That erased about half the losses amassed Wednesday and Thursday.

The S&P 500 gained nearly 48 points and the Nasdaq added 68.

Reports that President-elect Barack Obama plans to name his economic team Monday helped boost confidence.

Washington (AP) According to a senior Democratic official, New York Federal Reserve President Timothy Geithner (GYT'-nur) is President-elect Barack Obama's likely pick for Treasury secretary.

Also, there's word that New Mexico Gov. Bill Richardson is likely to be tapped for commerce secretary.

WASHINGTON (AP) A spokesman for Hillary CLinton says discussions are "very much on track" for the New York senator to be named secretary of state. But no final arrangements have been made, and Clinton officials are denying reports that she has accepted the job offer from President-elect Barack Obama.

WASHINGTON (AP) The Bush administration is blasting Congress for taking a Thanksgiving break without taking action on an auto industry bailout. Commerce Secretary Carlos Gutierrez calls it irresponsible, considering that executives of Detroit's Big Three just visited Capitol Hill to say they're "on the verge of running out of cash."


WASHINGTON (AP) Attorney General Michael Mukasey has returned to work after collapsing during a speech in Washington last night.

Mukasey has told Justice Department employees his medical tests came back with "good results" and he feels fine. A Justice Department spokeswoman describes the 67-year-old attorney general's fall as nothing more than a fainting spell.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 11-21-08 1551CST | save this article / add to your favorites list