Stocks had a tumultuous ride on Thursday, with the Dow Jones Industrial average falling 761 points before recovering to close down just 79 points.

What happened: U.S. markets initially followed a global sell-off that was sparked by the arrest of Huawei CFO Meng Wanzho, but then settled and raced to the close after a Wall Street Journal report that the Fed may become even more tentative on interest rate hikes.