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NEW YORK — US stocks surged on Friday to cap another volatile week as investors greeted with relief reports that President-elect Barack Obama had chosen his point person to combat the US economic crisis, lifting a major uncertainty from markets.

Stocks limped into the day after a back-to-back pummeling that had left the S&P 500 at an 11-year low, and spent most of the day drifting in and out of positive territory.

They shot higher around 3 p.m. when NBC news reported that Timothy Geithner, president of the Federal Reserve Bank of New York, would be nominated as US treasury secretary.

The Dow Jones industrial average jumped 494.37 points, or 6.55 percent, at 8,046.66. The Standard & Poor's 500 Index shot up 47.57 points, or 6.32 percent, at 800.01. The Nasdaq Composite Index gained 68.23 points, or 5.18 percent, at 1,384.35.

• Oil rallies from 3.5-year low
• Market eyeing foreign lead -- dealers
• Market plunges 4.15%
• Asian stocks bounce back from 5-year low
• Shares open 1.7% lower
• Asian shares to wilt as Wall St. plunges
• Wall St sinks, S&P lowest since ‘97
• Oil drops 7% to 3.5-year low below $50
• Ayala raises P6B from stock offer

• China wants new global monetary system
• Solons caution gov’t on privatization