President Barack Obama urged the US Congress to wrap up a huge economic stimulus bill and warned investors not to expect quick fixes as stock markets plunged on the lack of detail in a new bank rescue plan.

Obama, speaking at a town hall meeting in a Florida city hard hit by mortgage foreclosures, praised the Senate for passing an $838 billion spending and tax cutting bill that the president says is crucial to avoid economic catastrophe.

"That's good news," Obama said after an aide passed him a note about the Senate vote.