Signs of panic buying emerged Friday afternoon on the New York Stock Exchange amid a powerful stock-market rally in the final minutes of trade, a day after one of the worst selloffs for equities since mid-June. Market internals suggests that investors are buying mightily headed into the weekend. The NYSE Arms Index, a volume-weighted breadth measure, fell to 0.413, with many on Wall Street seeing declines below 0.500 as suggesting panic buying. The Arms Index is calculated by dividing the ratio of the number of advancing stocks over decliners by balancing the volume of going stocks over declining volume. The Arms index often falls below 1.000 as the buyers rush into moving supplies. The S&P 500 index
was trading 1.1% higher at 4,370, the Nasdaq Composite [c: COMP] was up 1% at 14,700, and the Dow Jones Industrial Average
ints, or 1.3%, at around 34,876. All three indexes are heading for record closing highs a day after notching the worst daily drop since June 18. Worries about the economic recovery had at least partly inspired the declines amid the spread of the delta variant of COVID-19 and as the 10-year and 30-year Treasurys hit their lowest yields since February.
