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VIX Has Its Biggest Five-Day Slide Since May as Stocks Advance

The benchmark index for U.S. stock options fell for a fifth day, losing 35 percent for the biggest five-day slide since May, and declined below its level before the Japan earthquake as stocks rallied around the world.

The VIX, as the Chicago Board Options Exchange Volatility Index is known, fell 5.2 percent to 19.17 as of 4:15 p.m. in New York. The index measures the cost of using options as insurance against declines in the Standard & Poor’s 500 Index, which advanced 0.3 percent.