This may seem like a lot of hoops to jump through, but you need to verify all conditions. One at a time.
You need to verify that the level of the test tone CD is sufficient to drive the amplifier (via your CD player) to the level required level.
You need to verify that all connections are made correctly and all ICs are good.
You need to verify that all settings on your meter (DMM) are correct.
BTW way, just a reminder, always start any of these tests with the volume control set to MINIMUM.
Where did you get your 240 Hz wav file?
Do you know at what level it was generated?
Is it a stereo wav file or mono or possibly just one channel, if so do you know which channel, left or right.
Does your CD player have an output level control? If so where is it set?
Any and all of these things can affect the level of the signal from your CD player.
And this will affect the loudness (signal level) at any given position of the volume control on your amplifier.
There are several things that you may try, any of them will help to lead you in the correct direction.
Replace the dummy load with a speaker, if you are sure no damage was done with your first test methodology.
Set the volume control on your amplifier to MINIMUM. Play your test CD and slowly increase the volume control on the amplifier.
Based on your test results, your amplifier was putting out just a little over half a watt (0.5 watts), with the volume control at the 12:30 position, when playing your test tone CD.
If all is working as it should be, your 240Hz tone should be very very loud before you reach the 12:30 position ( the condition that produced half a watt in your test) on you volume control on the amplifier.
You can also measure the output of your CD player when it is playing the test tone.
Just connect your meter to the outer part of the RCA connector on the end of the interconnect, and the inner part (be sure not to short the two together) and play your test tone. You can start with your meter on the 2 VAC range.
Compare that reading with a reading taken when playing a music CD that has some loud passages on it (the reading will "bounce around). If the reading that you got with the test tone CD is not in the ballpark with the music CD, then the level of the test tone is to low and that is why you had a low reading with your test.
You can also measure the signal across the dummy load when you are playing a music CD that has some loud passages.. Of course the reading will "bounce around", but if you can get a reading more inline with what you are expecting, then all is working as it should be.
Double check you connections for the dummy load and the amplifier. Double check your meter settings and lead connections.
BTW, what was the indication on the meter on the amplifier when your DMM reading was 2.1 VAC? Remember you test indicated just a little more than a half a watt, or about 0.55 watts. Did the meter on the amplifier correspond to this power level.
Here is a link to a simple Ohms law calculator..
Ohms Law Calculator.