The White House on Thursday said it expects to see continued U.S. economic growth, but would not comment on the recent financial market declines.

As President (George W.) Bush has said, the U.S. economy is fundamentally sound and so we expect to see continued economic growth, White House spokesman Gordon Johndroe said to reporters in Texas where Bush is on vacation. Not for me to comment on daily movements of the market.

U.S. stocks fell sharply on Thursday on signs of further deterioration in credit conditions and the potential impact on the economy and profits.

The Dow Jones industrial average was down about 10 percent from its record closing high above 14,000 in July.