Stock Fear Gauge Falls to Nine-Week Low After Topping 2008 Highs
- Cboe Volatility Index eases to lowest level since early March
- Drop comes as S&P 500 holds on to a 30% rebound from its lows
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Just minutes after the worst U.S. jobs report since the Great Depression, the Cboe Volatility Index fell back to where it was in the early days of the stock sell-off.
The VIX, commonly called the equity market’s fear gauge, fell to 29.5 as of 10:01 a.m. in New York, its first time below 30 since March 3. At that point two months ago, the S&P 500 had fallen 11% from its record high and still had an additional 25% to go before bottoming on March 23. The VIX would rise as high as 85.5, topping the 2008 record, as the coronavirus pandemic took hold.