After eight consecutive days of falling stocks, the Dow Jones industrial average has lost 2,400 points, although the dollar gained on the yen, CNN reported.
The market has suffered from fears of a global recession, following the federal buyout of Fannie Mae and Freddie Mac, the two largest mortgage companies in the U.S., and the collapse of Lehman Brothers, leading to massive reforms within the private banking sector.
President Bush, speaking at a press conference at the White House Rose Garden, defended the $700 billion bailout act and vowed he would work with other nations to stabilize the global economy.
"We are a prosperous nation with immense resources and a wide range of tools at our disposal," he said. "We are using these tools aggressively."
"Fellow citizens: We can solve this crisis, and we will," he added, as reported by the BBC.
A delegation of top finance ministers from Britain, Canada, France, Germany, Italy and Japan will meet in Washington, D.C., over the weekend, according to The New York Times.