Obama urges global action to stem market turmoil

CHILLICOTHE, Ohio (Reuters) - U.S. presidential candidate Barack Obama said on Friday that global finance ministers must take coordinated steps to calm the upheaval in financial markets.

"We need action now," the Democratic candidate told a campaign rally in Chillicothe, Ohio, calling for the Treasury to quickly implement the $700 billion rescue passed by Congress.

Financial ministers from major economies are meeting in Washington to consider drastic steps to stop panic selling in markets world-wide.

Obama said Group of Seven finance ministers "must take coordinated steps to restore confidence and to maintain our financial markets and institutions."

(Reporting by Caren Bohan)