Who will replace Snow? Markets react.

In the last hour: In Rose Garden ceremony, Bush nominated Goldman Sachs chief executive officer Henry M. Paulson Jr. to replace Snow as Treasury Secretary. Goldman Sachs has sent a number of its top executives to high positions in Washington, including current White House Chief of Staff Joshua Bolten, former Treasury Secretary Robert Rubin and former Senator Jon Corzine.
The Senate Finance Committee is expected to act swiftly on the nomination. Read the AP wire report HERE.

Earlier this morning: The US dollar fell sharply in European morning trade today after speculation that Bush was considering Texas oil man Don Evans (who favors a weaker dollar) as Treasury Secretary. The two spent the Memorial Day holiday together. Read the Financial Times article online HERE.

Buy those dollars back! On news that Paulsen was nominated and not Evans, the dollar gained some of its earlier losses. Read a CNN blurb HERE.