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 December 6, 2018 - 10:25 AM EST
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Dow Loses 450+, Total Drop More than 1,000

Dow Loses 450+, Total Drop More than 1,000

Stocks fell sharply on Thursday as continuing fears over U.S.-China trade relations and concern over a possible global economic slowdown kept investors on edge.

The Dow Jones Industrial Average loosed 456.83 points, or 1.8%, to begin Thursday's session at 24,570.24, bringing its two-day losses to more than 1,250.

The S&P 500 dropped 45.74 points, or 1.7%, to 2,654.32.

The NASDAQ lost 89.31 points, or 1.3%, to 7,069.12

Shares of major banks like J.P. Morgan Chase, Citigroup and Bank of America all traded lower on Thursday.

Facebook shares fell more than 1.5% after Stifel downgraded them to hold from buy.

Apple's stock dropped 3% after UBS said in a note it sees the weakest “purchase intent” for the iPhone in five years. The bank cut its 12-month price target on Apple to $210 from $225.

Trade fears ratcheted up after news broke Wednesday that Huawei CFO Meng Wanzhou was arrested by Canadian authorities in Vancouver, where she faces extradition to the U.S. The arrest — which took place Dec. 1 — decreases the likelihood that a permanent U.S.-China trade deal will be reached. Huawei is one of the largest mobile phone makers in the world.

Meng's arrest comes after President Donald Trump and Chinese President Xi Jinping agreed to hold off on implementing additional tariffs on each other's goods. The world's largest economies have been engaged in a trade spat that has sent ripples through global markets. The skirmish has investors worried that corporate earnings and economic growth could be negatively impacted.

On Wednesday, U.S. equity, option and fixed income markets were closed in honour of former President George H.W. Bush.

Prices for the benchmark for the 10-year U.S. Treasury were sharply higher, lowering yields to 2.86% from Tuesday's 2.91%. Treasury prices and yields move in opposite directions.

Oil prices suffered $1.28 to $51.61 U.S. a barrel.

Gold prices $5.40 to $1,248.00 U.S. an ounce.

Source: Livemoney (December 6, 2018 - 10:25 AM EST)