At noon: A Geithner rebound

Post the first comment Back to the blog There was a time when investors hoped that U.S. Treasury Secretary Timothy Geithner would keep his mouth closed, such was his ability with unguarded thoughts to send markets careening. Not on Tuesday. Despite the start of another dismal day for North American stocks, losses turned to gains by midday after Mr. Geithner made some reassuring remarks before a Congressional panel. He said that the “vast majority” of U.S. banks have more capital than needed – a whew! moment for anyone still concerned that most banks are teetering on the edge of oblivion. He also said that credit markets are thawing and confidence is returning. At noon, the Dow Jones…

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