Selling on the New York Stock Exchange was still far from levels considered panic-levels by technical traders, despite a nearly 600-point slump for the Dow Wednesday afternoon. The Arms index on the NYSE was at 0.973 at last check Wednesday. The index is a volume-weighted breadth measure, that tends to rise when the broader market falls, as the intensity of the selling in declining stocks is usually greater than the intensity of buying in rising stocks. Levels above 2.000 are considered panic-like activity. The Dow Jones Industrial Average DJIA, +0.57% was down 586 points, or 2.2%, at 25,983, the S&P 500 index SPX, +0.60% was sinking 2.2% at 2,876, while the Nasdaq Composite Index COMP, +0.59% was down 2% at 7,749. Markets have been in free-fall over the past two sessions amid growing concerns that signs of weak manufacturing and private-sector employment signify a creeping economic slowdown taking hold in the U.S.
'Panic-selling' on Wall Street not yet triggered as stock market's Wednesday afternoon nosedive accelerates
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