U.S. Stocks Plunge Following Arrest Of Senior Chinese Technology Exec

December 06, 2018 - 12:07 pm

NEW YORK (WCBS 880/AP) -- 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 shoveled money into bonds, a signal they see weakness in the economy ahead.

CBS Business Analyst Jill Schlesinger says there are also fears of a growth slow-down in the U.S. and around the world.

The price of oil fell 3.8 percent 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 percent, to 24,392.

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

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