President Bush addressed the nation and encouraged the American people to have confidence in the economy during a "deeply unsettling period" - but with the Dow losing nearly 700 points in the first five minutes of trading, that was an understatement.
It was a volatile day on Wall Street as further signs of economic distress emerged. At one point the Dow dipped below the 8,000 mark, but ultimately closed down 128 to 8,451.19.
Market bellweather GE reported a 22% drop in net income to $4.3 billion for the third quarter, in line with expectations. Earnings from continuing operations fell 10% to 45 cents per share while revenues grew 11% to $47.2 billion.
Oil prices plunged more than $9 to a 13-month low Friday on fears that the weakening global economy would drive down demand for oil.
And General Motors had to issue a statement denying that it was considering bankruptcy after its shares lost 31% on Thursday, when it closed at just $4.76, the stock's lowest price since 1950. GM shares ended Friday's session at $4.86.
Meanwhile, news emerged that House Democratic leaders are assembling a second economic stimulus package, which could cost as much as $150 billion, and will be geared toward helping struggling state and local governments.
The week wrapped with the finance ministers of the world's leading industrialized nations, the G-7, set to meet in Washington over the weekend to hammer out a plan of coordinated actions that will restore confidence and stability to world markets. NEXT: Saturday and Sunday, Oct. 11-12 - Global fight