Stocks see modest drop after Dow makes dramatic 700-point comeback

Dec. 6 (UPI) --

The stock market ended the day barely escaping major losses Thursday after the arrest of China's Huawei Technologies CFO Meng Wanzhou.

The Dow Jones Industrial Average was down 79.40 points, or 0.32 percent, at the end of trading Thursday, while the fell S&P 0.15 percent and the Nasdaq composite rose 0.42 percent.

At one point Thursday the Dow Jones was down as many as 785 points as investors were frightened by Meng's arrest Saturday in Vancouver at the request of U.S. authorities on suspicion she violated U.S. trade sanctions against Iran.

Companies such as Apple and Boeing with heavy exposure to China suffered after the news of Meng's arrest, falling 1.11 percent and 3.09 percent respectively.

Asian stock's including Hong Kong's Hang Seng Index were also negatively impacted by the news as it closed down 2.47 percent.

The news aggravated concerns over trade relations between the United States and China, which contributed to a nearly 800-point decline in the Dow Jones on Tuesday.

Oil prices also fell 2.7 percent Thursday, when the Organization of the Petroleum Exporting Countries and its allies declined to hold a press conference after a meeting in Vienna.