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Jan. 14, 2021, 10:21 a.m. EST

Panic-like selling--not buying--surfaces in Nasdaq Composite trade Thursday morning

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By Mark DeCambre

Trading on Nasdaq Thursday morning was exhibiting panic-like-selling behavior, even as the broader market appeared to be rising on the prospects of further fiscal spending when President-elect Joe Biden is sworn in on Jan. 20. The Arms Index, a volume weighted breadth measure that tracks the ratio of advancing stock to declining stocks over the ratio of advancing volume over declining volume, was showing a reading of 2.390 for Nasdaq-listed shares. Many technicians say a rise to at least 2.000 suggests panic-like selling behavior. The reading comes even as the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -3.52% was up 0.5% at 13,194, the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.75% was trading around a record high, up 0.5% at 31,202, while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -2.45% was climbing 0.3% at 3,822. The so-called panic selling in the Nasdaq may indicate that a broader array of technology-related stocks are rising, even as large-capitalization tech names were down, including Apple Inc. /zigman2/quotes/202934861/composite AAPL -3.48% and Microsoft Corp. /zigman2/quotes/207732364/composite MSFT -2.37% .

/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
13,119.43
-478.54 -3.52%
Volume: 5.47M
Feb. 25, 2021 5:16p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
31,402.01
-559.85 -1.75%
Volume: 458.96M
Feb. 25, 2021 5:19p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,829.34
-96.09 -2.45%
Volume: 2.92B
Feb. 25, 2021 5:19p
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 120.99
-4.36 -3.48%
Volume: 148.20M
Feb. 25, 2021 4:15p
P/E Ratio
32.71
Dividend Yield
0.68%
Market Cap
$2104.39 billion
Rev. per Employee
$1.86M
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/zigman2/quotes/207732364/composite
US : U.S.: Nasdaq
$ 228.99
-5.56 -2.37%
Volume: 39.54M
Feb. 25, 2021 4:00p
P/E Ratio
34.10
Dividend Yield
0.98%
Market Cap
$1769.03 billion
Rev. per Employee
$877,393
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