No need to fear, the calm, soothing words of Barack Obama will turn things around shortly.

(Politico) — U.S. markets tumbled sharply Monday morning — the Dow was off 360 points — and President Barack Obama planned to speak publicly this afternoon on the downturn.

The Dow Jones Industrial Average plummeted by 3 percent an hour into trading after S&P announced its downgrading of scores of lenders dependent on U.S. debt, including mortgage giants Freddie Mae and Fannie Mac. It had opened down 240 points — 2.3 percent — in the first few minutes of trading.

The Nasdaq was off 100 points — 4 percent — an hour into trading, while the S&P 500 was off 3.8 percent, 45 points.

The price of gold was trading around a record high of $1,700 an ounce.

With the markets writhing, the White House announced that the president would speak for the first time since the S&P downgrade was announced Friday night. He’s set to speak on the economy from the State Dining Room at 1 p.m. and he may also talk about the war in Afghanistan and the loss of 38 people, including 30 Americans — 22 Navy SEALs among them — in the downing of a U.S. helicopter over the weekend.

HT: Rob