The Dow ended above 8,000, rising 494 points (+6.54%), most in the closing hour. The Nasdaq rose 5.19% and S&P 500 was up 6.32%. The enthusiasm was due to news (or yet another leak) that President-elect Obama will nominate Timothy Geithner as Treasury Secretary. Geithner, who was born in Brooklyn, has been the New York Federal Reserve Bank President since 2003 and has also worked at the IMF and Council on Foreign Relations. While one... [continue]

Photograph of Hillary Clinton and Barack Obama at a June rally in Unity, NH by Elise Amendola/AP In what might be the worst-kept secret ever, multiple media outlets are reporting that Senator Hillary Clinton will resign from the Senate to become Secretary of State in President-elect Barack Obama's cabinet. A top Clinton adviser says an announcement will come after Thanksgiving and added to Politico, "She knew this was the right thing to do but... [continue]

We have our own protracted election drama in the city: The Board of Elections is still counting ballots in the State Senate race between incumbent Frank Padavan (R) and City Councilman James Gennaro (D). Padavan leads by over 500 votes now, but now over 8,000 absentee and emergency paper ballots are being tallied amid charges from the Democratic Party like how the Republicans are only challenging votes of minority voters. (A judge will eventually decided... [continue]

Photograph of Trump Tower trees by kstrahmx on Flickr From the Gothamist Newsmap: An officer assist at 59th Bridge / Manhattan Bound Upper Roadway in Queens, an overturned auto at Deegan Expwy & Van Cortlandt in the Bronx and a person shot on 5th Ave at 111th St in Manhattan. A woman is suing Brooklyn Hospital for not noticing an infection that eventually left her blind and a quadruple amputee. In an attempt to... [continue]

Right before leaving for his trip to Peru for the Asia-Pacific Economic Cooperation forum, President Bush signed an extension of jobless benefits that will allow "millions of laid-off workers will keep getting their unemployment checks as the year-end holidays approach," according to the AP. Bush warmed up to the idea of extending benefits as the economy continued to sour and jobless claims kept growing. The House had passed the bill in October and the Senate... [continue]

City Comptroller and mayoral hopeful Bill Thompson has stepped into the simmering debate over the $400 property rebate checks. Mayor Bloomberg has said the city doesn't have the $256 million it costs to send them to homeowners this year, but Thompson tells the Post, "The money is there. It only requires creativity, thoughtfulness and a consideration that budget cuts should not disproportionately affect New Yorkers." In the mean time, Mayor Bloomberg is trying to assure... [continue]

It's confirmed: Alaska Governor Sarah Palin is having some bad luck with the media. Her time on the Republican Party's top ticket was marred by a few missteps--namely with her handlers limiting her time with the media, being over- or underprepared with the media or McCain-Palin insiders complaining to the media about her. But now that she's back in her native state, one would think that her aides could make sure she doesn't stand in... [continue]

John Gotti Jr., who was arrested over the summer on racketeering charges, is fighting to move the trial, currently set for Tampa, to New York. The Daily News reports that Gotti's lawyers claim transporting and housing numerous witnesses would cost $50,000, "It would be a crushing financial burden for the family. The government can afford to take the case to New York to make sure that one of its citizens gets a fair trial." However,... [continue]

Photograph of some furry dice hanging on the floor of the New York Stock Exchange by Richard Drew/AP After yesterday's 5+% loss on Wall Street, Dow futures gained about 200 points, according to CNBC, but one trader said, "At best we might see a day or two of further rebounds, but as we've seen in the past after a big rally it always comes off, it's always met with skepticism... People are being spooked... [continue]

Yesterday afternoon, a gas tanker overturned and exploded on the NJ Turnpike near the Meadowlands. Authorities believe the tanker failed to negotiate the curve on a ramp; heavy smoke could be see for miles. Two good Samaritans driving behind the truck helped smother the flames. One, Angelia Mercado, used her coat to bundle up truck driver Rajinder Singh and drove him to a hospital in Newark (she also said Singh gave her phone numbers of... [continue]

Attorney General Michael Mukasey is under hospital observation after collapsing during a speech last night. Politico reports that Mukasey, 67, had been speaking to the Federalist Society at the Marriott Wardman Park hotel in Washington D.C. when he collapsed. "Audience members said they began praying, fearing a stroke." The AP says Mukasey was "noticeably shaking" during his speech and had been slurring his words. An FBI official said Mukasey "got stuck on a word during... [continue]

Photograph of traders at the New York Stock Exchange by Richard Drew/AP The Dow Jones fell 5.56%, losing 444.99 points to close at 7,552 points; the Nasdaq fell 5% and the S&P 500 plummeted 6.71%. The NY Times reports, "Wall Street doubled down on its losses on Thursday, just a day after financial markets closed at their lowest point in nearly six years." And the Wall Street Journal says, "Stocks' sharp slide continued Thursday,... [continue]

Newsday reports Jeffrey Conroy, the teen who allegedly stabbed immigrant Marcelo Lucero to death, will now face the charge of murder as a hate crimes charge, upgraded from manslaughter as a hate crime. Conroy and six other teens involved in the attack on Lucero (prosecutors say they were specifically looking to "f--- up Mexicans") were also charged with conspiracy in Lucero's death and second-degree attempted assault related to another attack. Newsday also went to... [continue]

The British newspaper the Evening Standard reports that Madonna and Guy Ritchie have reached an agreement in their divorce proceedings. The couple will share custody of sons Rocco and David (they had apparently been arguing over whether the kids would be raised in New York or London). And Ritchie is not getting any of Madonna's estimated $450 million fortune, which he could have attempted since they did not have a pre-nup. A source said, "It... [continue]

Senator Joe Lieberman told Politico he doesn't feel punished after the Democratic caucus voted to let him keep his Senate chair on the Homeland Security Committee but forced him out of the Environment and Public Works one. He said, "I don't view it as a sanction," and suggesting Senate Majority Leader Harry Reid asked him to step down from EPW to let incoming Senators have a change (Reid's spokesperson "disagreed" with that). He also spoke... [continue]

Photograph by Ross Reyes on Flickr From the Gothamist Newsmap: A barricaded EDP on East 10th St in Manhattan, a double shooting at E 76th St & Flatlands Ave in Brooklyn, and a serious MVA at Arthur Kill Road at Woodrow Road on Staten Island. Dealbreaker is watching layoffs at JPMorgan: Layoffs apparently started in equities and hit research yesterday, "Sales and trading are supposedly being shown the door circa now." A 19-year-old was... [continue]

The MTA is meeting today to discuss its $1.2 billion budget gap. While the agency refuses to comment on any specific measures until next month, big fare hikes and service cuts are expected. Today, the Daily News reports that the M8 bus, which travels across the East Village and West Village is eliminated, according to a budget proposal, as well as some express bus routes (the QM22, X25, and X32). One thing that could help... [continue]

Is it shocking that Mayor Bloomberg may ignore the City Council by refusing to issue the $400 property rebate checks to homeowners? The NY Times calls him "defiant," as he said yesterday "that he had no plans to release the money." And the Post quotes him as saying, "We have no money. I think that's what you have to understand. This is not a legal issue; this is a fiscal issue." Earlier, Bloomberg said he... [continue]

Yesterday's three-alarm fire at a Bronx strip mall destroyed a number of businesses, including a pet store. According to the Daily News, over "100 frantic birds, reptiles and small animals died trapped in their cages" at Stephanie and Amanda's Pet Center. Joel Rivera, the store's manager, said of his cousin, who owns the store, "He just couldn't stay and watch what was happening." Rivera added that firefighters helped save "parrots, parakeets, rabbits, guinea pigs, lizards... [continue]

The Brooklyn shopkeeper, who, while being held up by armed robbers, managed to wrestle away a gun and fatally shoot two of the men earlier this week, told his wife, "He's sorry he could not take out everybody." The Daily News reports that Youssouf Drame, who was shot in the stomach, is still in critical but stable condition. His wife says he wants the store to reopen and also recounted what he told her about... [continue]