Kevin Rudd has vowed to fight with world leaders and pressure US lawmakers to approve a US$700 billion bailout plan for Wall Street.
The plan will be voted on for a second time early tomorrow our time after $65 billion was wiped off Australia's sharemarket when Congress shot down the package earlier this week.
The Prime Minister has told the ABC even though our market bounced back today there's too much uncertainty.
"This is not all over red rover, there's a way to go yet.
"And that's why I believe the responsible course of action is not just to say this is a domestic concern for the Americans, but for America's friends and allies to be in there pitching our argument as well.
"It affects here, it affects Tokyo, it affects London."
Economists have described turmoil on Australia's markets as a "Hollywood thriller" and say it's anyone's guess as to how it will fare tomorrow.
The all ordinaries recouped almost all of yesterday's devastating losses, closing up 183 points.
Commsec Economist Craig James says despite today's resurgence, there are still some turbulent times ahead.
"Congress has to vote and has to approve the rescue deal," Mr James said.
"Tonight it's the turn of the Senate to face the vote. If that goes through then it goes back to the House of reps.
"There's still a lot of twists and turns that are possible in this Hollywood thriller, so it's a case of hang onto your hat."
