NEW YORK (AP) -- It has been another extraordinary and traumatic day on Wall Street, with the Dow Jones industrials plunging as much as 800 points before closing with a loss of about 350.

The catalyst for the frantic selling was investors' growing realization that the credit crisis is likely to take a heavy toll around the world. And while the Bush administration is starting to implement its $700 billion financial rescue plan, that and steps taken by other governments won't be enough to stop the global spread of credit troubles.

The Dow set a new record for a one-day point drop and also fell below 10,000 for the first time since 2004. But it recovered somewhat in erratic trading as bargain hunting set in. The blue chips closed with a loss of about 350 at the 9,971 level.

In the long run, the economy's going to be "just fine." That assessment comes today from President Bush -- even as he warns that the massive rescue plan will take some time to work.

Before a speech today in Cincinnati about judicial nominees, Bush reassured the audience that the 700 billion dollars that will go toward the rescue plan won't be wasted. He added that the country has been through rough times before, and that "we're going to come through just fine."

Earlier in the day, during a meeting with small-business owners in San Antonio, Texas, Bush emphasized that the rescue program must not be rushed. He said it will "take awhile to restore confidence in the financial system."

In both cases, he defended the bailout plan as one that won't just help Wall Street, but workers and businesses.