DOW falls below 12,000. Why?

The debt ceiling bill passed today and the DOW plunged 265 points and closed below 12,000. What does this mean?

This can only mean one of two things (or both): either 1) there never was any economic calamity to be feared if the debt limit was not raised, or 2) essentially zero investors thought there was any chance the ceiling would not be increased. On any interpretation, key aspects of the media narrative of the last month or more were wrong.

Or maybe they just don't believe the deal went far enough.