US markets plunge after arrest of Chinese tech executive
The Dow Jones industrial average plunged more than 500 points on Thursday, the first day of trading after U.S. authorities secured the arrest of a Chinese technology company executive, fueling fears that the trade war with China is heating up.
News broke late Wednesday that Canadian law enforcement had arrested Meng Wanzhou, chief financial officer of Huawei Technologies, a major Chinese tech firm that has been linked to the Chinese military.
U.S. officials have requested her extradition, citing a suspected sanctions violation.
A Chinese Foreign Ministry official on Thursday demanded Meng’s release and called her detention a possible human rights violation.
The incident sparked fears that China could retaliate and that relations between the two economic superpowers will deteriorate despite what appeared to be progress between President Trump and Chinese President Xi Jinping at the Group of 20 summit (G-20) in Argentina over the weekend.
The Dow was down 517 points, or 2 percent, just after noon on Thursday, while the S&P 500 was off 45 points, just more than 1.5 percent, and the Nasdaq composite dipped by 54 points, or three-quarters of a percentage point, continuing a market sell-off that began in October.
https://thehill.com/policy/finance/420020-us-markets-plunge-after-arrest-of-chinese-tech-executive?userid=229233