U.S. Markets close in 1 hr 40 mins

Wall Street's 'fear index' touches highest level since around April as rising rates spook stock market


The Cboe Volatility index VIX, +13.86% on Monday was trading near its highest level since April as stocks extended a recent, bond-fueled downdraft. Wall Street's so-called "fear index," which uses S&P 500 SPX, -1.42% options to calculate expectations for volatility over the coming 30 days, hit an intrasession peak at 19.32, which is at its long-term average. The VIX is used to bet on coming volatility in stocks and tends to rise as stocks fall. The Dow Jones Industrial Average DJIA, -1.39% was down by more than 350 points, or 1.4%, at 26,073, while the S&P 500 index was declining by 1.4% at 2,840, and the Nasdaq Composite Index COMP, -1.84% was off by 2% at 7,587. All three benchmarks were off