Stock Market Up, Obama Announces New Economic Team

Stock market climbs to pre-recession levels as Obama fills out his second-term economic team.
1:58 | 01/25/13

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Transcript for Stock Market Up, Obama Announces New Economic Team
Thanks for that, I guess. We have big news on the house. The stock market is now as high as it was before the recession, approaching new records. ALL GOOD NEWS FOR YOUR 401(k). And that comes as president obama fills out his economic team for the second term. Let's get more on that from abc's bianna golodryga and jon karl. And, bianna, that steady climb in the stock market is coming from good news on the economy. Reporter: The markets are on fire, george. Stocks up 120% since 2009. Mutual funds had their best two weeks since 2000. And we're less than 200 points from that psychologically crucial 14,000 mark in the dow. The housing market is doing well. We found out that folks filing for unemployment claims was at its lowest level in five year. And there's a lot of momentum building here. Sure is. And that comes, jon karl, as the president is filling out his economic team. Two big appointments yesterday. And prosecutors for top economic jobs. Reporter: For the consumers protection burd the securities and exchange commission. Which for now would be headed by mary jo white. This is somebody that's prosecuted the gottis, the mob, and bin laden. A big terrorist prosecutor out of the southern district for new york. She will be signaling a tough, new approach to wall street. And this is the final day for treasury secretary, tim geithner, who has been on point for the president since the start of this crisis. Reporter: He leaves in an exit interview saying we're in the seventh inning stretch of the economic recovery. George, you and I both have seen baseball games lost after the seventh inning. It's not over. And he leaves positive. Look for a woman to come in near the top of the president's economics team, as well. Silvia matthews burwell, I'm told is the leading candidate to be the budget director. Jon karl, thanks very much. Let's go to "nightline's" bill weir, in for josh.

This transcript has been automatically generated and may not be 100% accurate.

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