Geithner 'on track' for Obama Cabinet

(CNN) - New York Federal Reserve President Timothy Geithner is "on track" to being offered the nomination for Treasury secretary, two sources close to President-elect Barack Obama's transition team said.

The announcement will happen within days, possibly Monday, potentially with another member or members of the Obama economic team as well, the sources said.

The Dow Jones industrial index staged a late rally after traders heard news of Geithner's possible appointment, rising by almost 500 points shortly before the market's closing time.

Geithner became president of the New York Federal Reserve in November 2003. He served as under secretary of the treasury for international affairs from 1999 to 2001.