By M. Alex Johnson, msnbc.com reporter
LIVE VIDEO: President Hosni Mubarak addresses the Egyptian people.
Update 3:50 p.m. ET: Mubarak says, "I remain adamant to continue to shoulder my responsibility" until elections in September, saying, "I cannot and will not accept to be dictated orders from outside."
The announcement contradicts reports by many news organizations for several hours including NBC News that he was likely to announce his resignation.
Update 3:48 p.m. ET: President Hosni Mubarak tells Egyptian protesters that he takes "great pride in you as a new generation ... shaping the future."
"I will hold accountable those who committed crimes against our youth," he says. He has not yet addressed his own future.
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Watch President Hosni Mubarak's address live.