Stocks get hammered on economic worries

Stocks tumbled Thursday on weak manufacturing data in the United States and around the globe and after Goldman Sachs made a bearish call on the S&P 500 index.

The Dow Jones industrial average closed the day down 251 points, while the Nasdaq composite lost 71 points and the S&P 500 declined 30 points.

All three major indexes lost their gains for the week. The day's decline was the worst since June 1 when the S&P 500 fell 2.5 percent.

The selloff accelerated as Goldman Sachs recommended that its clients build short positions in the S&P 500, which it expects to fall further. All three major stock indexes are on track to post their worst daily loss since June 1.

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