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BEAR IN SIGHT: The S&P 500 fell to its lowest level of the year, putting it on the edge of a new bear market. The index has fallen 19.4 percent since its high for the year on April 29. A 20 percent drop would signify the start of a bear market, ending a bull market that began in March 2009.

GREECE AGAIN: European markets slumped, dragging U.S. stocks down along with them, after Greece said it will miss deficit reduction targets it agreed to as part of its bailout deal.

THE DOW: The Dow Jones industrial average fell 258.08 points, or 2.4 percent, to 10,655.30.