Wall Street's"fear gauge" is on track for its biggest weekly jump since March as investors worried about rising U.S. and European coronavirus cases, the lack of fiscal stimulus and uncertainty about the U.S. presidential election outcome.
The Cboe Volatility Index surged on Wednesday to its highest level since June, ending at 40.28. At the same time, the benchmark S&P 500 stock index fell 3.5per cent.The VIX had climbed on Monday amid concerns about a tightening U.S. presidential race. With Wednesday's jump, the index has surged nearly 13 points this week.
"Markets are confronting a perfect storm," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina. VIX futures, which have long reflected expectations for higher volatility toward year-end, have also risen. November futures, which capture the weeks following the election, were trading above 35 on Wednesday.
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