*Bad day for stocks

Still two hours of trading left, but it's not looking good. The Dow is down 215 points after two downbeat reports this morning on private-sector job growth and manufacturing. It's been more than two months since the Dow fell more than 200 points.

*Update: Dow closes down 279 points, or 2.2 percent. It's the biggest point drop in nearly a year and will no doubt add to the narrative of an economy that's stalling out. So, too, will the increase in bond prices - and the prospect of a weak jobs report on Friday.