Panic-buying signs emerge in Friday trade in the NYSE after standout jobs report for January even as stocks trade mixed


U.S. stock benchmarks were trading mixed Friday morning but market internals suggest that investors on New York Stock Exchange-listed are in a buying mood. The Arms Index Arms Index, a volume-weighted breadth measure, fell to 0.466, while many on Wall Street see 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 the ratio of the volume of advancing stocks over declining volume and the Arms index often falls below 1.000, as the buyers rush into advancing stocks. The Dow Jones Industrial Average DJIA, -0.74%, however, was trading lower, down 98 points, or 0.3%, at 34,986, the S&P 500 index SPX, -0.43% was flat at up by less than 0.1% at around 4,479. The Nasdaq Composite Index COMP, +0.13%, meanwhile, was up 0.7%, at about 13,977. The moves come as the U.S. economy added 467,000 jobs in January and hiring was much stronger at the end of 2021 than originally estimated, the government reported Friday. The unemployment rate ticked up to 4% from 3.9%. Economists surveyed by The Wall Street Journal had forecast a payrolls rise of just 150,000-and some had warned that a fall was possible due to hourly workers without paid sick leave being counted as without jobs. Analysts said investors had been prepared to look through a weak number, on expectations for a sharp reversal in February.

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