Thursday's Bloomberg Market Report

By: Bloomberg Email
By: Bloomberg Email
New York Stock Exchange
8607.79 down 24.22

American Stock Exchange
2362.33 down 15.63

NASDAQ Composite
3100.57 down 11.69

Standard And Poors 500
1459.37 down 3.05

President Obama is looking for a new treasury secretary while John Boehner's keeping his job as speaker of the house. Here's the Thursday Bloomberg After The Bell Report from the New York Stock Exchange.

Treasury Secretary Timothy Geithner plans to give up his post at the end of the month even if President Obama and Congress can't reach an agreement to raise the debt ceiling, that according to sources.

Now the pressure is on the president to announce Geithner's successor. Meantime, Boehner will keep his job as speaker of the house.

We may have averted the fiscal cliff for now, but Bloomberg crunched the numbers and found that the two percent payroll tax increase alone will reduce disposable income by an estimated $120 billion this year, which would hurt retailers and the economy in general.

Stocks closed lower after Wednesday's rally as federal officials said they will probably end their $85 billion monthly bond-purchase program sometime this year.


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