Oct. 11--NORTH ANDOVER -- President Bush tried to calm the fears of the world, Wall Street and Main Street during a speech yesterday morning from the White House during which he vowed, "We can solve this crisis, and we will."

But it appears few people were listening.

Globally, the downward plunge continued, with the Asian markets falling nearly 900 points in trading yesterday. European markets were erratic, falling 200 points by the end of trading Friday.

Domestically, the Dow Jones index of 30 major U.S. companies like GE and IBM went on a roller-coaster ride, plunging 500 points, rising by about 600 points, then falling nearly 700 points before roaring back to finish the day down about 130 points.

The S&P 500, which carries stocks of companies ranging from Abercrombie & Fitch to Wyeth, took the same wild ride before ending just 10 points off its start for the day.

The shudders going through Wall Street are giving people shivers on Main Street, at least in North Andover.

"My husband's 401(k) and my mutual funds have lost value," said Barbara Morra, 48, of North Andover. "We feel like there's not going to be anything left."

Faith O'Brien, 63, also North Andover, said she's too worried to look at her investment statements.

"I haven't looked at my mutual funds or my IRA funds because I don't want to get sick," she said.

Morra and O'Brien have good reason to feel ill, as stocks have lost billions in value in recent weeks. The Dow Jones index fell 20 percent over seven days, while the S&P had its worst week ever.

For those retiring soon, or who are already in retirement, the falling values could spell trouble, say investment advisers, unless they have a diversified portfolio.

Many retirees or pending retirees have been told by their wealth managers to sell off stocks and get into cash, like CDs and money market funds.

Dave Ruane, 69, of North Andover, said he took his pension in a lump sum and invested it in the stock market. About a month ago, he put 70 percent of his portfolio into cash, protecting himself and his wife from the recent tumult.

"I was getting panicky," he said. Even though he's protected his assets, he's still taking steps to save money as other costs continue to rise.

"We're not at Starbucks, we're here," he said, as he sat in Dunkin' Donuts with a number of other retirees. He said he and his wife don't go out to eat as much, have pretty much stopped buying new clothes, and he goes out of his way to find low-priced gasoline.

Others wandering Main Street yesterday agreed.

"I don't go shopping at the mall anymore," said Ellen Gaffney, 29, of Methuen.

She's not alone.

Consumer spending fell 2 percent last quarter and is predicted to fall another 1 percent this quarter, according to a Bloomberg Financial survey. Shopping by U.S. residents is the No. 1 engine of the global economy.

Others interviewed yesterday were fearful about the future.

"I'm thinking about what it's going to do to the younger generation," O'Brien said. "I'm afraid jobs are going to dry up."

So far, that's exactly what's happened. Unemployment is up over 6 percent and has been projected by some surveys, including one by Bloomberg, to rise to 8 percent next year.

But not everyone was full of doom and gloom.

April Michalski, 41, who just opened a consignment shop in downtown North Andover, took a philisophical approach.

"I look at the economy as a living entity," she said. "When you get the flu, do you just lie down and die? No, you get up and take your medicine. If people sit at home, that won't stimulate the economy. I'm not saying people should go out and spend their money frivolously, but they do need to spend money."

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