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A more than 600-point gain in the Dow Jones Industrial Average and surge in the Nasdaq Composite Index late-morning Friday has put the equity market on the brink of seeing panic-like buying take hold. The moves come on the back of dovish comments from Federal Reserve Chairman Jerome Powell during a panel discussion with his predecessors in Atlanta. The Arms Index, a volume-weighted measure of breadth, tends to decline below 1.000 on broader-market rallies, as volume in advancing shares tends to increased disproportionately to volume in declining shares. When the Arms falls below 0.500, many consider a sign of panic buying. The Dow was up 622 points at 23,297, the S&P 500 index rose 2.9% at 2,517, while the Nasdaq was climbing 3.7% at 6,704. Those gains saw the NYSE Arms hit 0.560 (and slightly lower), while the Nasdaq Arms is at 0.942. The number of advancing stocks outnumbered decliners by a ratio of 9 to 1 on the NYSE, with volume in advancing stocks was about 92% of total volume on the NYSE. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.