Nasdaq’s rally comes in the face of bearish market breadth

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The Nasdaq Composite
COMP,
+0.56%
surged 1.0% in afternoon trading, but market internals are actually telling a rather bearish story. The number of Nasdaq-listed stocks declining topped advancers 2,259 to 1,632, and the volume of stocks losing ground is making up 54.5% of total volume. On the NYSE, decliners led advancers 1,803 to 1,382, while down volume was 69.0% of total volume. The Dow Jones Industrial Average
DJIA,
-1.50%
was more reflective of the overall market’s performance, as it fell 347 points, or 1.1%, while the S&P 500
SPX,
-0.48%
was little changed.

Source

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