Barack Obama will meet with his economic team today and hold his first news conference since becoming US president-elect, aides said, as the country awaited signs of how he might tackle the economic crisis.

Mr Obama, who will inherit the worst financial crisis since the Great Depression, faced pressure to announce his picks for key economic jobs, including Treasury secretary. On Wall Street, stocks fell sharply for a second day.

Timothy Geithner, president of the Federal Reserve Bank of New York, former Treasury Secretary Lawrence Summers and former Federal Reserve Chairman Paul Volcker were among those being considered for the Treasury post.

Aides would not say if there would be any announcements about administration jobs at the news conference.

Mr Obama, who made history as the first black US president-elect, planned to meet President George W. Bush at the White House next Monday.

US stocks were down almost four per cent by mid-day yesterday, after plummeting almost 500 points or about five per cent on Wednesday, the biggest fall ever on the day after a presidential election.

Mr Bush pledged to do all he could to ensure a smooth transition before Mr Obama takes the oath of office on January 20.

"Over the next 75 days all of us must ensure that the next President and his team can hit the ground running," Mr Bush said at the White House.

Mr Bush said he would discuss policy issues ranging from the financial markets to the war in Iraq with Mr Obama next week.

In addition to mulling his options for Treasury secretary, Mr Obama was close to announcing his chief of staff. US Rep. Rahm Emanuel of Illinois, a Democratic lawmaker known for his hard-charging style, accepted the job of leading Obama's White House staff, sources on Capitol Hill said. Emanuel, a fellow Chicagoan, has known Obama for years.