CNN BREAKING NEWS REPORTS:

The Dow closed down about 266 points, or 2.19%, as investors worried about the weak economy.

The selloff pushed the S&P 500 into negative territory for the year.  “Now that we have solved the debt ceiling issue, the market has moved on to the other data, which has taken a significant turn for the worse,” said Ryan Detrick, senior technical strategist with Schaeffer’s Investment Research.  The Dow suffered an eighth straight day of declines for the first time since October 2008, when the financial system was in the depths of a crisis. The Dow also finished below the psychologically important 12,000-point mark.