NBC is reporting that Tim Geithner, the President of the New York Federal Reserve, will be named Treasury Secretary on Monday.

NBC’s Andrea Mitchell and Political Director Chuck Todd reported that Obama will unveil his economic team on Monday, with New York Federal Reserve President Tim Geithner likely taking the helm as Treasury secretary.

Wall Street got a boost of confidence following NBC’s report. Stocks surged, with the Dow Jones industrial average closing up nearly 500 points.

Geithner has been heavily involved in attempting to devise solutions to the current financial issues facing the country.