New York  - US stocks surged Friday on news that president- elect Barack Obama would tap New York Federal Reserve Chairman Timothy Geithner to head the Treasury.

The Dow Jones Industrial Average and the Standard & Poor's 500 Index both gained more than 6 per cent on Friday, one day after the S&P had reached an 11-year low. The Dow hit a five-year low on Wednesday.

The blue-chip Dow rose 6.6 per cent, or 494.37 points, to 8,046.66, while the broader S&P jumped 6.3 per cent, or 47.57, to 800.01. The technology-heavy Nasdaq Composite Index gained 68.23 points, or 5.2 per cent, to 1,384.35.

Obama will unveil his entire economic team, including Geithner, on Monday, broadcaster NBC reported, offering some clarity on who will manage the world's largest economy in a time of global economic crisis.

Geithner, 47, has worked closely since September with current Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke as the government has battled to avert a collapse of the US financial industry. New Mexico Governor Bill Richardson looked to be Obama's choice for commerce secretary.

The US currency fell to 79.43 euro cents from 80.20 euro cents on Thursday. Against the Japanese currency, the dollar rose to 95.88 yen from 93.93. (dpa)