President Biden claimed to have "cured the economy" last week, days before global stocks plummeted Monday. Biden made the comment while speaking to reporters outside the White House, saying the economy would be part of his legacy as president. "Mr. President What do you want your legacy for Gen Z to be?" a reporter asked. "That I cured the economy. And the environment. And a few other small things," Biden responded.
The Cboe Volatility Index, or VIX, helps measure the level of fear among investors. It jumped as much as 172% to 62.27 before trading opened Monday. That marks the highest level for the index since March 2020, at the onset of the COVID-19 pandemic, when the gauge rose as high as 85.47. The VIX index is based on the price of S&P 500 stock options and is used to measure expected volatility. Since the start of the pandemic, the VIX index has been relatively stable, never closing above 40.