World stocks in turmoil, Dow Jones drops 1,034 points

NEW YORK, New York - U.S. stock markets tacked on to the global rout that swept across markets around the globe Monday. The sell-off was triggered by a reversal in the fortunes of the Japanese yen which shot higher, prompting an unwinding of leveraged stocks funded by the low-yielding yen. The Swiss franc also exploded higher, exacerbating Swiss carry-trade portfolios.

Adding to the drama was Friday's jobs report