While the Dow Jones Industrial Average DJIA,
Wednesday saw its biggest one-day decline since about October. Internal markets suggest that investors on the New York Stock Exchange and Nasdaq buy stocks rather than sell them. The Arms Index Arms Index, a volume-weighted breadth measure, fell to 0.234, while many on Wall Street see that declines below 0.500 indicate panic buying. The arms index is calculated by dividing the ratio of the number of advancing stocks to declining by the ratio of the volume of advancing stocks to falling volume and the arms index often drops below 1,000 as buyers move rapidly towards progress. The Nasdaq Arms Index was up 0.287. Meanwhile, the Nasdaq Composite COMP,
was down 1% at 13,484, the S&P 500 index SPX,
at 3,798 by 1.3%, and lost its grip on a psychological key level at 3,800, and the Dow traded 1.4% lower at 30,525. The downward movement in equities comes because investors found little reason to shares for sale, amid the focus on retail investors buying shares such as GameStop GME,
Later in the day, investors are also waiting for a policy update from the Federal Reserve at 14:00 ET, with Jerome Powell holding a news conference at 14:30.
