Stocks on Wall Street Fight to Shake Negativity

Obama also said that the current financial crisis will warrant careful watchfulness of government spending and targeted initiatives to help stimulate growth.

The day's economic data were less than rosy. The Bureau of Economic Analysis revised its read of the third-quarter decline in GDP to 0.5% from 0.3%.

Separately, the Conference Board's November consumer confidence index gave a reading of 44.9, up from 38 in October and ahead of economists' forecasts.

The Standard & Poor's Case Shiller home price index, meanwhile, showed a third-quarter decline of 16.6% year over year, the worst decline on record.

In Europe, the Organization for Economic Cooperation and Development said that the developed world may face the worst recession it has seen since the early 1980s.

Looking at earnings news, computer systems maker and Dow component Hewlett-Packard (HPQ Quote) delivered earnings that beat estimates on the top line but saw profit decline slightly year over year.

In the merger space, mining concern BHP Billiton (BHP Quote) dropped a hostile takeover bid for Rio Tinto (RTP Quote) on a sharp decline in commodity prices and tough credit conditions.

Moving on to commodities, crude oil was losing $3.91 to $50.59 a barrel. Gold was down $4.20 to $816.30 an ounce.

Longer-dated U.S. Treasury securities were rising in price. The 10-year was up 2-8/32, yielding 3.06%. The 30-year was gaining 3-11/32 to yield 3.61%. The dollar was falling vs. its major foreign competitors.

Overseas, European exchanges, such as the FTSE in London and the Dax in Frankfurt, were eking out gains. Asian markets, including Japan's Nikkei and Hong Kong's Hang Seng, finished on the upside.