Selling on the NYSE on Friday has reached panic-like proportions, as the so-called exchange's Arms Index rose to a level signaling that investors are dumping stocks. The Arms is a volume weighted breadth measure, that tends to rise when the broader market falls, as the intensity of the selling in declining stocks is usually greater than the intensity of buying in rising stocks. Closes above 2.000 are considered panic-like activity. The NYSE Arms index was most recently at 2.478, according to FactSet data. The Dow Jones Industrial Average DJIA, +0.51% was down about 710 points on in late Friday trade, or 2.8%. The number of advancing stocks on the NYSE are outnumbering decliners 2,347 to 486, or by an 5-to-1 margin. Meanwhile, the S&P 500 index SPX, +1.05% was of 2.7% at 2,592 and the Nasdaq Composite Index COMP, +1.71% shed 2.6% at 6,895. All three index wiped out their weekly gains as worries about a China-U.S. trade relations intensified.