Help! "Power Steering" warning
 

So, I'm out to lunch today, sitting at a stop light. I hear 3 bings and the console says 'POWER STEERING', when I drive off the speedometer no longer works and it's stuck in 2nd hear (high RPM). So, the next light, I put it in park, turn it off, count to 5 and start it back up. All is well since then.
What could it be? I felt no difference in the steering while the warning was on.
Thanks...