White House: "It will take time for conditions to settle."

Be patient, the White House said today after U.S. stocks took a nosedive at the opening bell.

The financial markets were trying to digest a lot of news and it will take time for things to stabilize, the White House said.

“We don't comment on daily fluctuations in markets,” White House spokesman Tony Fratto said. “At this time markets are trying to digest lots of new information -- both changing economic conditions, as well as official policy responses, and it will take time for conditions to settle.”

--Kim Hart