Trading on the Nasdaq showed panic when buying late on Monday morning, even as the wider market softened in the last trading session in November. Nasdaq Composite COMP,
sank 0.8% to 12111, while the Nasdaq Arms index, a volume-weighted measure of width, fell to 0.322. Many on Wall Street see declines below 0.500 as suggesting panic buying. The weapons index is calculated by dividing the ratio of the number of advancing stocks to decilants by the ratio of the volume of advancing stocks to the decreasing volume. As the stock market grows, weapons often fall below 1
has fallen by more than 400 points, or 1.4%, to 29,502, while the S&P 500 SPX index,
was trading 0.9% lower at around 3,605. Despite the decline, the Dow could still register, a monthly gain since 1987, while the Dow and S&P 500 were aiming for their best November since 1928. .