CBOE Volatility Index Surges 170% to 64.12, Third Highest Level in History

Aug 5, 2024, 08:42 AM

The CBOE Volatility Index (VIX), often referred to as Wall Street's 'fear gauge', has surged to its highest levels since the early days of the COVID-19 pandemic in 2020. The index spiked dramatically, reaching 64.12, marking a 170% increase in a single day and a 550% rise from its July 2024 lows. This surge follows a significant market sell-off, with the VIX hitting levels only previously seen during the 2008 Financial Crisis and the COVID-19 market crash. The VIX rose 40.73 points to its highest since June 2020, marking the third highest spike in history. The Euro Stoxx Volatility Index also saw a substantial increase, rising to 30.26, its highest since March 2023. The rapid rise in volatility indicates heightened market uncertainty and investor panic.