After keeping a low profile on the economic crisis all week, President Bush stepped before the cameras Thursday. He canceled plans to travel to Florida and Alabama for political fundraisers and instead received a briefing on the financial situation from Paulson and other advisors, then delivered a short statement.
"As our recent actions demonstrate, my administration is focused on meeting these challenges," Bush said. "The American people can be sure we will continue to act to strengthen and stabilize our financial markets and improve investor confidence."
Bush's comments appeared to make little impression on the markets, which continued to fall until the final hour of trading, when rumors of a comprehensive rescue plan set off a rally.
"I've been running funds in this space for 12 1/2 years, and this is the craziest day I've seen," said Anton Schutz, manager of Burnham Financial Funds in New York. "One minute you're terrified and stock prices are melting and the next minute they're bouncing back."
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Daily developments
The government works on a plan to buy distressed assets from banks and other institutions to be resold in an orderly fashion.
The Dow Jones industrial average jumps 3.9%, the largest one-day percentage gain in nearly six years.
U.S. regulators look to curb short selling -- bets that stocks will go down -- after Britain bans short selling in the country's major financial stocks for the rest of the year.
