Stock market exhibiting signs of panic-like selling Thursday as Dow sees roughly 400-point skid
The U.S. stock market Thursday afternoon was seeing technology stocks routed again, and panic-like selling emerging on Wall Street. A volume-weighted breadth measure that tracks the ratio of advancing stocks to decliners over the ratio of advancing volume over declining volume, was showing a reading of 2.136 for New York Stock Exchange-listed shares. Many technicians say a rise to at least 2.000 suggests panic-like selling behavior. At last check, the ARMs index showed that declining volume was 79% of total volume on the NYSE, with declining shares outpacing advancers at a ratio of about 2 to 1. The Arms Index reading comes as the Dow Jones Industrial Average
DJIA,
was down nearly 400 points, or 1.3%, at 27,594, while the S&P 500
SPX,
was off 1.5% at 3,347. Meanwhile, the Nasdaq Composite Index
COMP,
was trading 1.7% lower at 10,957. Markets have experienced choppy trade all session and reversed earlier gains, following a rebound in stocks on Wednesday, with that day’s gain coming after a three-day rout culminated in a 10% correction for the Nasdaq Composite on Tuesday.
