VIX's Highest Close Since Election Sparks Record Rush to Protect
- Options tied to volatility gauge trade at highest level ever
- S&P 500 tumbles most since May as Korea tensions rise
Michael Block, Rhino Trading Partners chief strategist, discusses the outlook for U.S. stocks with Bloomberg's Julia Chatterley and Scarlet Fu on 'What'd You Miss?' (Source: Bloomberg)
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The biggest selloff in U.S. equities since May sparked an unprecedented rush for protection in the options market.
About 2.6 million puts and calls tied to the CBOE Volatility Index changed hands on Thursday, the most on record, as the VIX spiked 44 percent to close at the highest level since Nov. 8. About 3.4 call volatility options - a bearish equities trade - have changed hands for every put contract.