After another wild session on the floor of the New York Stock Exchange, its CEO said he thinks the markets are closing in on the bottom.

“At times like this nobody feels like they have any experience, Duncan Niederauer, NYSE’s CEO, said in an interview with FOX Business after the closing bell.

Traders were forced to hang on tight today as the Dow closed below the 9000 threshold for the first time since June 2003 and ended in the red for the seventh straight day.

Selling was the name of the game today, as more than two billion shares were traded on the floor, with more than 400 million shares being sold as the closing bell tolled.

“In a market like this, you are going to get the most mutual fund redemption you’re ever going to get. I actually think we are much closer to the bottom here, but people are nervous.”

Niederauer went on to say that nothing, not even the $700 billion economic-rescue plan Congress passed last week or Wednesday’s coordinated global rate cut, is going to help the markets in the short-term right now.

“Those are all going to be building blocks that we look back on and say ‘that helped us rebuild the foundation,’ but right now those individual things aren’t going to help. People are going to need to see more results of those efforts.”

Thursday marked the end of the controversial short-sale ban on nearly 1,000 financial stocks that the SEC implemented on Sept. 18 to try to restore order to the tumultuous market.

Niederauer said he wished a market-wide rule would have been in place before the expiration. “You really had three choices, a market-wide circuit breaker carried out stock by stock… do nothing, which is obviously market wide, or you can have a market-wide tick test.” He also said the rule gave the market a much-needed boost.