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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 -2.70% was up 0.5% at 13,194, the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.39% was trading around a record high, up 0.5% at 31,202, while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.31% 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 -2.45% and Microsoft Corp. /zigman2/quotes/207732364/composite MSFT -2.70% .

/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
12,997.75
-361.04 -2.70%
Volume: 4.84M
March 3, 2021 5:16p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
31,270.09
-121.43 -0.39%
Volume: 411.61M
March 3, 2021 5:03p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,819.72
-50.57 -1.31%
Volume: 2.72B
March 3, 2021 5:03p
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 122.06
-3.06 -2.45%
Volume: 112.97M
March 3, 2021 4:00p
P/E Ratio
33.00
Dividend Yield
0.67%
Market Cap
$2100.53 billion
Rev. per Employee
$1.86M
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/zigman2/quotes/207732364/composite
US : U.S.: Nasdaq
$ 227.56
-6.31 -2.70%
Volume: 34.03M
March 3, 2021 4:00p
P/E Ratio
33.89
Dividend Yield
0.98%
Market Cap
$1763.90 billion
Rev. per Employee
$877,393
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