s&p fell 80 points while the nasdaq dropped 174 points. president obama reaffirmed his belief in the strength of the nation's credit, but added that the rate cut could be useful in future deficit talks. >> markets will rise and fall, but this is the united states of america. no matter what some agency may say, we've always been and always will be a aaa country. i realize that after what we just went through, there's some skepticism, that republicans and democrats on the so called super committee, the joint committee that's been set up will be able to reach a compromise. but my hope is that friday's news will give us a renewed sense of urgency. i intend to present my own recommendations over the coming weeks on how we should proceed. and that committee will have the administration's full cooperation. and i assure you, we will stay