'Fast Money' Recap: Will the U.S. Lose Its Triple-A Credit Rating?

The markets sank Thursday on new jobless data that was worse than expected.

The Dow Jones Industrial Average sank 129.91, or 1.54%, to 8,292.13, while the S&P 500 fell 15.14, or 1.68%, to 888.33. The Nasdaq dropped 32.59, or 1.89%, to 1,695.25.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, says that stocks, Treasuries and oil fell today on fears that U.S. might lose its triple-A crediting rating, a situation not seen since 1917.

Pete Najarian said that scenario is possible in view of the warning from S&P that the UK might lose its triple-A rating as well as comments from the Fed about a shrinking economy. "These are negatives for the market," he said.

Najarian was worried about the volatility of the market, including "staggering" 20-point moves by the S&P.

Seymour attributed today's market decline to disappointing jobless claims data. He said he wouldn't lump the U.S. and UK together because the U.S. can print money.

Joe Terranova said the market is consolidating gains and is looking for a fundamental catalyst to drive it higher. He said it's going to go sideways for the next couple of weeks but definitely is not heading toward an "impending correction" that everyone is expecting.

Steve Grasso, a new panel member, said Fed Chairman Ben Bernanke tipped today's market action with his grim outlook for the economy. "The funeral was canceled; it's now back on," he said.

Najarian said the market has been resilient so far, closing at 888 despite a barrage of bad news, to which Grass replied: "Who loses credibility first? Bernanke or the S&P?"