Dow, S&P 500 on the verge of closing below key bearish line in the sand for first time since November

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U.S. stocks on Friday afternoon were getting hammered, with two of the equity benchmarks on the brink of finishing beneath their 50-day moving average for the first time since early November as worries about the economic recovery and fears that volatile trade in a batch of small, heavily shorted companies, GameStop Corp.
GME,
+46.39%
and AMC Entertainment Holdings
AMC,
+48.89%,
may reflect a speculative bubble across the wider market. The Dow Jones Industrial Average
DJIA,
-1.87%
was down 1.7% at 30,100, with its short-term 50-day moving average at 30,319.91. The S&P 500 index
SPX,
-1.85%
was off 1.6% at 3,725, trading below its 50-day MA at 3,716.08. The last time the Dow ended below its 50-day was Nov. 4 and the S&P 500 last closed below its short-term average on Nov. 3, according to Dow Jones Market Data. The Nasdaq Composite Index
COMP,
-2.09%
was off 1.7% at 13,107, holding above its 50-day moving average at 12,721.16. Market technicians tend to view moving averages as one indicator of bullish and bearish momentum in an asset.

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