NEW YORK (Reuters) – The Cboe Volatility Index, known as Wall Street’s “fear gauge,” jumped to its highest level in more than a month on Thursday as concerns over a resurgence of the novel coronavirus pandemic felled U.S. stocks.
FILE PHOTO: The New York Stock Exchange is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., April 13, 2020. REUTERS/Andrew Kelly
The VIX rose to 40.79, its highest closing level since April 23. It registered its biggest daily point gain since March 16, in the midst of the plunge that signaled the end of the nearly 11-year bull run in U.S. stocks.
The S&P 500 ended 5.9% lower on Thursday.
Some investors said they believed such a pullback was long overdue given expectations for a slow