The stock market continued to slide following a rare day off for the National Day of Mourning in honor of President George H.W. Bush. The Dow Jones was down over 700 points and dropped into negative territory for the year on Thursday (December 6). The S&P 500 also dipped into the red for 2018 after losing 72 points in early trading. The Nasdaq was also down over 150 points but is still in the black for the year.
The markets were rattled after Canadian authorities arrested Meng Wanzhou, the chief financial officer of Chinese telecom giant Huawei at the request of U.S. officials. While charges against her have not been released, she was reportedly being investigated for breaking U.S. sanctions placed on Iran.
The arrest has sparked fears that the ongoing trade war between the United States and China could intensify, despite a positive meeting between President Donald Trump and his Chinese counterpart, Xi Jinping.
"There's concern that the trade deal is not as good as [President Donald] Trump said it was," Mark Esposito, CEO of Esposito Securities told CNBC. "Recession fears are also settling into the market."
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