Wall Street's 'fear gauge' surges to highest level since mid-May
A measure of implied volatility early Thursday on Wall Street touched the highest level in about a month as futures for the Dow Jones Industrial Average YM00, -3.04% YMM20, -3.04% tumbled on signs of rising cases of coronavirus in the U.S. and elsewhere in the world. The CBOE Volatility Index VIX, +14.11% jumped by about 11% Thursday morning, trading around 30.58, which would mark its highest level since May 15, according to FactSet data.
The index, also known as the VIX, for its ticker symbol, has become well known as Wall Street's"fear gauge," since it was created in the early 1990s. The VIX itself, which uses S&P 500 options to measure trader expectations for volatility over the coming 30-day period, tends to rise as stocks fall and is often referred to as a guide to the level of investor fear.
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