Stocks fell sharply across the globe on Monday, as worries about the U.S. economy triggered a worldwide sell-off. The Dow Jones Industrial Average tumbled more than 1,000 points in early trading.
Market jitters that began with last week's weaker-than-expected jobs report spread to Europe and Asia, as investors worry that the world's largest economy — long a pillar of global growth — is beginning to show some cracks.
The Dow Jones Industrial Average tumbled more than 1000 points in early trading. Japan's Nikkei average suffered its worst day since 1987, falling more than 12%.A measure of market fear more than doubled, after a rise in the U.S. unemployment rate triggered worries that the country could be headed for recession.Technology stocks, which had been at the forefront of a recent boom in markets are being pummeled.
Some analysts wonder if the sell-off is an overreaction. While last week's jobs report was weaker than expected, U.S. employers continue to add jobs. The unemployment rate rose to 4.3% not because of widespread layoffs but because more than 400,000 new workers joined the labor force last month.The Federal Reserve voted last week to keep rates at their highest level in more than two decades, where they've been for the past year.
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