Dow up 494 as Obama prepares to name treasury boss

Wall Street put a stop to a terrifying decline and stormed higher Friday as President-elect Barack Obama appeared ready to tap the chief of the New York Federal Reserve as the next treasury secretary and hand him the herculean task of righting the U.S. financial system.

• Pressure on Citigroup builds, shares fall below $4 AP
• FDIC OKs backing for bank debt, deposits AP
• Officials: Obama plans to tap Geithner at Treasury AP
• GM, Chrysler making deep cuts to hold on for loans AP
• Wal-Mart names Duke to succeed Scott as CEO AP
• US gas prices dip below $2, lowest in 3-plus years AP
• Gift cards may be popular for necessities AP