President Obama says recession almost ended in U.S.

"The market is up and the financial system is no longer on the verge of collapse. We're losing jobs at nearly half the rate we were when I took office six months ago," Obama told a town hall-style meeting in Raleigh, North Carolina, Reuters reported.

Obama also defended the government's bailout of automakers Chrysler and General Motors, saying their collapse would have wreaked havoc in the economy.

"We saved hundreds of thousands of jobs as a result -- and expect to get our money back," he said.