While the Dow Jones Industrial Average DJIA,
on Wednesday, it recorded its biggest one-day drop since October. Internal market data suggests that investors on the New York Stock Exchange and Nasdaq are buying rather than selling shares. The Arms Index Arms Index, a volume-weighted measure of breadth, fell to 0.234, while many on Wall Street see drops below 0.500, suggesting a panic buying. The Arms Index is calculated by dividing the proportion of the number of shares rising to declines by the ratio of the volume of shares rising to the volume declining and the Arms Index generally falls below 1,000 as buyers rush for shares in high. The Nasdaq Arms Index was 0.287. Meanwhile, the Nasdaq Composite COMP,
was down 1% at 13,484, the S&P 500 SPX index,
it was off 1.3% at 3,798, losing control at a key psychological level at 3,800 and the Dow was trading 1.4% down at 30,525. Downward movements in stocks occur at a time when investors are finding some reasons to buy stocks amid a focus on retail investors who bid on heavily sold shares, such as GameStop GME,
At the end of the day, investors are also waiting for an update to the Federal Reserve policy at 2 pm ET, with Jerome Powell scheduled to give a press conference at 2:30 pm
