Source: Marketwatch

“U.S. stocks were down sharply Thursday, after the arrest of a Huawei executive reignited trade worries, and as continued weakness in oil markets underscored concerns over global growth ahead of an OPEC meeting in Vienna Thursday. The Dow Jones Industrial Average DJIA fell 628 points, while the S&P 500 Index was down 57 points. The Nasdaq Composite Index tumbled 105 points. Investors have been rattled by news that the Canadian authorities had arrested Meng Wanzhou, the chief financial officer of Huawei Technologies, at the request of U.S. authorities for allegedly violating sanctions against Iran. The arrest, which was made on Dec. 1, comes as the U.S. has taken several steps to restrict the Chinese technology giant, trying to persuade international allies to do the same….China authorities reacted furiously, with the spokesperson of the Chinese Embassy in Canada demanding the release of the Huawei executive….The latest development comes amid an already shaky backdrop for trade relations between the U.S. and China. Doubts surrounding the weekend trade moratorium at the G-20 summit between the two sides and ominous developments in the bond market drove sharp losses for stocks Tuesday.”

 

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