Dow drops 760 points, and Japanese stocks suffer worst crash since 1987 amid U.S. economy worries

Specialist Dilip Patel works at his post on the floor of the New York Stock Exchange, Monday, Aug. 5, 2024. Nearly everything on Wall Street is tumbling as fear about a slowing U.S. economy worsens and sets off another sell-off for financial markets around the world.NEW YORK —

FILE – Trader John Romolo works on the floor of the New York Stock Exchange, Aug. 2, 2024. Japan’s benchmark Nikkei 225 stock index has lost 12.4% on Monday, August 5, 2024, in the latest bout of sell-offs that are jolting world markets. Trader Robert Charmak works on the floor of the New York Stock Exchange, Monday, Aug. 5, 2024. Nearly everything on Wall Street is tumbling as fear about a slowing U.S. economy worsens and sets off another sell-off for financial markets around the world.

A currency trader works near a screen showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Aug. 5, 2024. NYSE President Lynn Martin watches trading on the floor of the New York Stock Exchange, Monday, Aug. 5, 2024. Nearly everything on Wall Street is tumbling as fear about a slowing U.S.

Some of Wall Street’s recent declines may also simply be air coming out of a stock market that romped to dozens of all-time highs this year, in part on a frenzy around artificial-intelligence technology and hopes for coming cuts to interest rates. Critics have been saying for a while that the stock market looked expensive after prices rose faster than corporate profits.

Still, stocks of companies whose profits are most closely tied to the economy’s strength took sharp losses on the fears about a slowdown. The small companies in the Russell 2000 index dropped 2.8%, further dousing what had been a revival for it and other beaten-down areas of the market.

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