Panic buy signals appear on Wall Street on Wednesday, even as Dow industrialists face the worst day since October

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While the Dow Jones Industrial Average DJIA,
-1.37%
Wednesday saw its biggest single-day shift since around October, internal market functions suggest investors on the New York Stock Exchange and the Nasdaq are buying instead of selling shares. The weapons index, a volume-weighted amplitude indicator, fell to 0.234, while on Wall Street there are many declines of less than 0.500 suggesting a panic purchase. The arms index is calculated by dividing the proportion of the number of advanced stocks over declines by the ratio of the volume of advanced stocks to the decreasing volume and the arms index often falls below 1,000, as the buyers rush to advance in stocks. The Nasdaq Arms index stood at 0.287. Meanwhile, the Nasdaq Composite COMP,
-1.61%
fell 1% to 13,484, the S&P 500 SPX index,
-1.83%
it fell 1.3%, to 3,798, losing control at a key psychological level, to 3,800, and the Dow was trading 1.4% at 30,525. Downward movements in stocks occur when investors found little reason to buy shares amid a focus on retail investors offering very short stocks like GameStop GME,
+ 138.15%.
Later, investors also expect an update to Federal Reserve policy at 2 p.m. ET, with Jerome Powell holding a press conference at 2:30 p.m.

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