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Markets Right Now: US stocks plunge following Huawei arrest

Markets Right Now: US stocks plunge following Huawei arrest

NEW YORK — The latest on developments in financial markets (all times local):

11:45 a.m.

Stocks are plunging again as the arrest of a senior Chinese technology executive threatened to worsen trade tensions between Beijing and Washington.

A steep drop in Boeing, which would suffer in an extended trade battle, helped drag the Dow Jones Industrial Average down more than 600 points Thursday.

Traders shovelled money into bonds, a signal they see weakness in the economy ahead.

The price of oil fell 3.8 per cent as OPEC leaders gathered to discuss production cuts, which traders suspect may not reverse a plunge in crude.

The Dow fell 638 points, or 2.5 per cent , to 24,392.

The S&P 500 index lost 61 points, or 2.3 per cent , to 2,638. The Nasdaq dropped 117 points, or 1.7 per cent , to 7,040.

The yield on the 10-year Treasury fell to 2.84 per cent .

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9:35 a.m.

Stocks are opening sharply lower as the arrest of a senior Chinese technology executive threatened to worsen trade tensions between China and the U.S.

The price of oil also fell sharply early Thursday as OPEC leaders gathered to discuss possible cuts in production.

The Dow Jones Industrial Average dropped as much as 500 points before erasing some of its losses.

Boeing and Caterpillar, which would stand to lose much in an extended trade battle, fell the most in the Dow.

Traders continued to shovel money into bonds, a signal that they see weakness in the economy ahead.

The Dow fell 390 points, or 1.6 per cent , to 24,640.

The S&P 500 lost 36 points, or 1.3 per cent , to 2,664. The Nasdaq gave up 99 points, or 1.4 per cent , to 7,062.

The Associated Press