Dow falls nearly 500 points at low as U.S.-China trade developments and oil's tumble spooks Wall Street – MarketWatch

The Dow Jones Industrial Average

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DJIA, -1.98%

on Thursday tumbled as the arrest of the CFO at China’s Huawei Technologies sparked fresh concerns about the U.S. and China’s ability to resolve longstanding differences on trade and intellectual-property rights. A decline in crude-oil futures

CLF9, -4.10%

as the Organization of the Petroleum Exporting Countries gathered at a key meeting in Vienna also stoked questions about the health of the global economy. The Dow

DJIA, -1.98%

fell 488 points, or 2% at 24,527, the S&P 500 index

SPX, -1.81%

dropped 1.9% at 2,650, while the Nasdaq Composite Index

COMP, -1.39%

declined 2.1% at 7,010. Markets were closed on Wednesday for a day of mourning for George H.W. Bush, the 41st president, who died at 94. Canada’s authorities arrested Huawei Technologies Co.’s CFO, with China demanding her release. Market watchers fear that this development will make it harder for Washington and Beijing to come to resolution on trade, even after a moratorium was achieved between the world’s largest economies on the sidelines of the G-20 summit in Argentina over the weekend. Meanwhile, yields of Treasury bonds were tumbling, as prices rose, with investors piling in to the perceived safety of government paper. The 10-year Treasury note

TMUBMUSD10Y, -1.93%

was yielding 2.86% on Thursday after trading at 2.92% on Tuesday. The bond market also was closed on Wednesday.

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