VIX hits highest closing level

The Volatility Index had its highest recorded close yesterday as it surpassed the highs from the 2008/9 financial crisis.

The VIX, which tracks the 30-day implied volatility of the S&P 500, more than doubled in March alone. The index looks at prices of options on the S&P 500 to track the level of fear on Wall Street. The situation that is overwhelming the market is that too many different sectors are going to be impacted by the coronavirus at the same time. 

Stocks suffered a brutal sell-off Monday with the Dow Jones Industrial Average tanking nearly 3,000 points, posting its worst day since the “Black Monday” market crash in 1987. The S&P 500 dropped 12%, — hitting its lowest level since December 2018.

 Trader Georgi Bozhidarov

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