NPR 2008-11-22

The stock market rebounded 1 sharply today on news that President-elect Barack Obama has chosen a new Treasury 2 Secretary. NPR's Scott Horsley reports.

Investors 3 cheer the selection of New York Federal Reserve Bank President Timothy Geithner to serve as the nation's top financial official. No formal announcement has been made yet. But a source close to the transition team says Geithner will be tapped as Treasury Secretary. Berkeley economist 4 Bradford DeLong worked with Geithner at the Treasury Department during the Clinton administration. "And he was always extremely smart, extremely knowledgeable 5, extremely energetic, extremely effective and he had very very good judgment 6. " As head of the New York Fed, Geithner has been deeply involved in the federal government s efforts to prop 7 up the financial system. But unlike some previous Treasury Secretaries, he's never actually worked on Wall Street, which in the current political environment could be a plus. Scott Horsley, NPR News.

On Wall Street, the Dow Jones Industrial Average closed up 494 points today, to settle at 8, 046. The NASDAQ gained 68 points. The S&P 500 was up 47 points. Over for the week, the Dow was down 5%.

There were reports of some other prominent picks by President-elect Barack Obama as well today. NPR learned from sources close to the transition that former first lady Hillary Clinton has agreed to give up her Senate seat to take position of Secretary of State under the new administration. There's also confirmation 8 from sources today, the president-elect has chosen New Mexico Governor Bill Richardson as Commerce Secretary. For the most part, (he's,) Obama has been quietly working on his transition of the Oval Office in January. It's not clear when he might make an announcement.

Nebraska closed the loophole on its safe-haven bill which allow dozens of teens, many from other states to be legally abandoned by their parents. From Lincoln, Nebraska, Martin Wells reports.

Nebraska hospitals will accept children up to 30 days of age but no older. Under the original version of the bill, which went into effect in July, there was no age limit. This led to parents dropping off teens and preteens with behavioral problems. The amended 9 bill was passed in the special legislative 10 session this week and signed into law by the governor. State Senator Russ Karpisek says the bill points out the needs of young people aren't being met. "Thing is that I think there is a lot problems out there. And we have things in place. I know we've got some good people working for us but there're huge problems and this really showed a light on that. " Karpisek says the legislature has formed a task force and will work to find a solution when the body convenes 11 in January. For NPR News, I'm Martin Wells in Lincoln, Nebraska.

President Bush, before leaving Washington for an overseas summit, signed a measure that will provide additional unemployment benefits for millions of Americans. The measure approved by the Senate this week would extend jobless benefits for additional three months. The news comes as companies continue to lay off workers in what has become increasingly fierce economic downturn. This is NPR.

General Motors says it will extend its annual holiday shutdown this year and also make production cuts at five of its factories. That says the company continues to deal with the severe slump 12 in car sales and fights to conserve 13 cash. The struggling auto 14 maker 15 also announces changes in some of its other factories that would increase production of certain of its models as it tries to adjust the changing consumer demand. Factories facing cuts include a plant in Lordstown, Ohio which will be closed for an extra week. Company also plans to extend a holiday shutdown in the plant in Michigan and another in Kansas City, Kansas.

Myanmar's military rulers today sentenced the popular comedian 16 and activist 17 to 45 years in prison, the latest in a string of strict sentences imposed by Myanmar's junta 18. NPR's Michael Sullivan reports from Bangkok.

Zaganar is the most famous comedian in Myanmar and one of the most politically active as well. In June, after a devastating 19 cyclone 20 struck the country, Zaganar organized private relief efforts for victims while the country's military leaders bickered 21 with international aid agencies over how their aid was to be delivered. Zaganar was detained shortly after and his lawyer said today he was sentenced to 45 years in prison, though what exactly he was sentenced for remains 22 unclear. More than 100 people have been sentenced this week in what human rights activists 23 call "a deliberate attempt to eliminate political opposition 24" before election scheduled to be held in 2010, what the military calls the final step of its road map to democracy, an exercise the military says will bring an end to more than half a century of military rule. Michael Sullivan, NPR News, Bangkok.