Daily developments in the financial crisis

* In a somber Rose Garden address, President Bush says of his administration's financial rescue initiative: "The plan we are executing is aggressive. It is the right plan. It will take time to have its full impact. It is flexible enough to adapt as the situation changes. And it is big enough to work."

* The Dow Jones industrial average sinks almost 700 points in the opening minutes and sets a new volatility record before closing down for an eighth consecutive session.

* Finance ministers and central bankers of the leading industrial democracies meet in Washington and issue a five-point plan, promising "urgent and exceptional action" to aid the global financial crisis but providing few specifics.

* Treasury Secretary Henry M. Paulson announces that the government will buy stakes in banks and other financial institutions for the first time since the Great Depression using a portion of the $700-billion bailout package.

Daily developments