Street's Rally Can't Lift Citigroup

Street's Rally Can't Lift Citigroup

This is a transcript of the Market Update: Close video report.

Barack Obama has reportedly tapped New York Fed Bank President Timothy Geithner to be his Treasury secretary. NBC News reported the appointment late Friday afternoon, followed by a surge in the markets. The Dow gained 494 points, the Nasdaq advanced 68 points and the S&P 500 added 48 points.

Geithner was a central figure in the bailout of Bear Stearns and AIG (nyse: AIG - news - people ).

The broadbased rally brought no relief for Citigroup (nyse: C - news - people ). The stock fell roughly 20% Friday, after Thursday's 26% fall. Citi's board is considering strategic options for the bank. But many financials traded to the upside. Bank of America (nyse: BAC - news - people ), American Express (nyse: AXP - news - people ), and Deutsche Bank (nyse: DB - news - people ) closed in the black. Warren Buffett's Berkshire Hathaway (nyse: BRK - news - people ) added 16%.

Microsoft (nasdaq: MSFT - news - people ) swung up 12%. A senior executive said the company will not be cutting back on research and will be adding employees in 2009.

Gold held onto a robust rally on Friday, gaining $43 to $792 an ounce. Barrick Gold (nyse: ABX - news - people ) jumped 31%, and AngloGold (nyse: AU - news - people ) added 43%.