Stock Rally Means Tim Geithner Survives

f?id=49cbead6796c7a8100b75d9a

It straddled the line all day, but the tech-heavy NASDAQ is now up on the year after closing up a whopping 3.8%. At 1587, it’s about 10 points above its December 31 close.

The other big winner is Tim Geithner. Last week we had him on deathwatch, but we’re going to upgrade him to stable-but-critical. Even CNBC noted that the market no longer reflexively tanks every time the Treausury Secretary speaks. And now that he’s actually delivered his plan — flawed as it is — there’s no reason for him to quit or for Obama to drop the Ax.

The Dow, meanwhile, added 174, closing at 7,924.32. It could be back above 8,000 by tomorrow.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.