It's not the news...

but the reaction to the news that matters. Did the announcement of Tim Geithner as the incoming treasury secretary trigger a rally on Friday? Or was it the market move on Friday that made this news THE news of the day? Consider that The market was very oversold, an extremely high VIX reading, heavy short interest, it was options expiration Friday and some kind of Citigroup news was imminent over the weekend. Taking into account the fact that Geithner, as head of the NY Fed has taken active part in every part of the recent bank bailouts, it makes me wonder what news stuff he brings to the table.

So yeah. The media thinks the Geithner caused the rally. I think the rally made the Geithner news known to everyone.