Stocks extended losses and hit session lows after the Senate passed the bill to cut spending and raise the debt ceiling.
The Dow Jones industrial average <.DJI> dropped 146.63 points, or 1.21 percent, to 11,985.86. The Standard & Poor's 500 Index <.SPX> lost 19.22 points, or 1.49 percent, to 1,267.72. The Nasdaq Composite Index <.IXIC> fell 37.27 points, or 1.36 percent, to 2,707.34.
(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)