Torpor in S&P 500 Harder to Explain When Compared With Junk
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Measures of fear in U.S. stocks and credit paint different pictures of investor risk perceptions.
The Markit CDX North America High Yield Index, a gauge of credit-default swaps on junk debt, closed Wednesday at the highest level in about two years relative to the Chicago Board Options Exchange Volatility Index. The VIX measures hedging costs on the Standard & Poor’s 500 Index.