Obama sees 'glimmers of hope'

[John]

Mr Obama spoke a day after encouraging data on trade and unemployment helped Wall Street stocks end higher, while White House economic adviser Lawrence Summers predicted the economy would emerge from "freefall" within months.

The President said: "We've still got a lot of work to do. We're starting to see progress. What we're starting to see is glimmers of hope across the economy.

"Over the next several weeks, you'll be seeing additional actions by the administration."

He added: "The economy is still under severe stress."

His comments followed a briefing by Treasury Secretary Timothy Geithner and other top economic policymakers.

Obama cited improvement in small business financing and what he called a "very significant" pickup in mortgage refinancing needed to stabilize the troubled housing market.

[JohnCenaFan28]

Thanks.