After the euphoria of his historic election win Barack Obama got down Thursday to choosing a presidential team that faces a mountain of problems, not least the economic crisis and wars in Iraq and Afghanistan.
The Democrat ducked out of the limelight after becoming America's first black president, but behind-the-scenes activity picked up with the formal creation of a team to handle his transition to power ahead of the January 20 inauguration.
In an immediate reminder of the mammoth task ahead, the Dow Jones share average plummeted nearly 500 points on resurgent fears of a deep recession followed by large sell-offs and a raft of negative financial data in Asia.
Democrats said Obama had asked combative congressman and former Clinton White House aide Rahm Emanuel, 48, to be his chief of staff, a vital post that helps set the tempo of the administration.
While Bill Clinton, the last Democrat in the White House, took weeks to announce his cabinet, Obama does not have the luxury of time with the US administration now dispensing a 700-billion-dollar bailout for Wall Street.
Obama has hinted at possible names to take over as Treasury secretary.
He noted to CNN last week that his economic advisers include Clinton's last Treasury secretary Larry Summers, 53, as well as former Federal Reserve chief Paul Volcker, 81; and mega-rich investor Warren Buffett, 78.
