CHICAGO - MR BARACK Obama will meet his economic team on Friday and hold his first news conference since becoming US president-elect as the country awaited signs of how he might tackle the economic crisis.

Mr Obama, who stands to inherit the worst financial crisis since the Great Depression, faced pressure to announce his picks for key economic jobs, including Treasury secretary, though there were no indications of when he might do so.

On Wall Street, stocks closed sharply lower for a second day. The Dow Jones industrial average tumbled 443.48 points, or 4.85 per cent, after plummeting almost 500 points or about 5 per cent on Wednesday - the biggest fall ever on the day after a presidential election.

Though the timing of the Treasury secretary announcement was uncertain, names being considered for the job included Mr Timothy Geithner, president of the Federal Reserve Bank of New York; former Treasury Secretary Lawrence Summers; and former Federal Reserve Board Chairman Paul Volcker.

Mr Summers and Volcker were on the 17-member transition economic advisory board that will meet with Mr Obama on Friday, a statement from the transition office said.

Others who will take part in the meeting include Berkshire Hathaway Chairman Warren Buffett and Mr Roger Ferguson, former vice chairman of the Federal Reserve board of governors.

Mr Obama made his first key administration appointment by naming US Rep Rahm Emanuel of Illinois, a brash veteran of President Bill Clinton's White House known for his take-no-prisoners style, as his chief of staff.

'I announce this appointment first because the chief of staff is central to the ability of a president and administration to accomplish an agenda', Mr Obama said in a statement. 'And no one I know is better at getting things done than Rahm Emanuel.'

The choice was quickly criticised by Republicans who accused Mr Obama of reneging on his campaign promise that he would bring change to Washington and reach across the aisle to bridge divides between the parties.

'This is an ironic choice for a president-elect who has promised to change Washington, make politics more civil, and govern from the centre,' House Republican Leader John Boehner of Ohio said.

But not all Republicans viewed the appointment harshly.

South Carolina Sen Lindsey Graham, a close ally of Republican White House candidate John McCain, praised the choice.

'This is a wise choice by President-elect Obama,' Ms Graham said. 'Rahm knows Capitol Hill and has great political skills. He can be a tough partisan but also understands the need to work together. He is well-suited for the position.'

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

Bush pledges smooth transition
President George W. Bush pledged to do all he could to ensure a smooth transition before Mr Obama takes the oath of office on Jan 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. He said he would discuss issues ranging from financial markets to the war in Iraq with Mr Obama.

Mr Obama said he and his wife Michelle looked forward to meeting Bush on Monday to start the transition process.

'I thank him for reaching out in the spirit of bipartisanship that will be required to meet the many challenges we face as a nation', Mr Obama said in a statement.

Mr Obama received a top-secret intelligence briefing on Thursday. As president-elect he will be receiving president-level daily intelligence briefings.

Analysts expect Mr Obama to begin putting together a strategy for the wars in Iraq and Afghanistan. Concern that Al-Qaeda may try to test a new administration may also lend urgency to assembling the national security team quickly.

'We know that Al-Qaeda and others try to test a new administration', said White House spokesman Dana Perino. 'I don't know of anything specific but we do know that is a heightened period of concern'.

Also on Thursday, Mr Obama returned telephone calls to nine world leaders to thank them for having called to congratulate him on his election, a spokesman said. They included the leaders of Australia, Britain, Canada, France, Germany, Israel, Japan, Mexico and South Korea.

On the Treasury decision, Mr Lawrence Glazer, managing partner of Mayflower Advisors in Boston, said it was especially important that whoever was picked could communicate well about the economic predicament.

'It's a very complicated financial landscape. Being able to convey this in simple terms to the American public is key. Someone with political experience would be helpful', he said.

A Reuters poll of economists found 26 of 48 respondents thought Mr Geithner would be chosen for the job, while Mr Summers came second with 14 votes.

Whoever takes the Treasury job will guide the US$700 billion (S$1.04 trillion) economic bailout package and the regulatory reform needed to prevent a repeat of the current crisis.

In addition to Mr Summers, Mr Geithner and Mr Volcker, the short list for Treasury included Ms Laura Tyson, who chaired Clinton's Council of Economic Advisers. Ms Tyson is part of the 17-member transition economic advisory board. -- REUTERS