Stocks hitting new lows more than double new highs despite broad market rally

Despite the broad stock market rally, the number of stocks hitting new 52-week lows was double the number hitting new highs on the NYSE, and more than triple on the Nasdaq. Meanwhile, the Dow Jones Industrial Average

DJIA, +0.79%

rose 237 points, or 0.9%, the S&P 500

SPX, +0.81%

rose 0.9% and the Nasdaq Composite

COMP, +1.02%

gained 1.1%. The number of stocks gaining ground outnumbered decliners 1,980 to 815 on the Big Board and 1,908 to 929 on the Nasdaq, and the volume of advancing stocks represented 71.1% of total volume on the NYSE and 68.8% on the Nasdaq. But the number of stocks hitting new lows outnumbered new highs 108 to 55 on the NYSE and 114 to 30 on the Nasdaq, for a total of 222 to 85 for both exchanges.

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