The President addressed the nation from the White House this morning. He reiterated the recent steps taken by the Federal Reserve and Treasury Department to help boost the sinking market.

President Bush said what Americans need to know is that “The US Government is acting, and will continue to act, to resolve this crisis and return stability to our markets.”

The President said the government is using a “wide range of tools,” including the $700 billion-dollar bailout.

He says the government has also started taking steps to help homeowners refinance into more affordable mortgages, cut the target for the federal funds rate, unveiled a plan to support the market for commercial paper, and has offered government insurance for money market funds. Bush also acknowledged the government is working closely with other countries in its efforts to curb the current crisis.

The president’s speech comes after a morning of tumbling stocks on Wall Street. The Dow plunged nearly 700 points, but it regained some of its losses shortly after as traders bought up bargain-bin stocks.

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