5:03 p.m. ET, March 16, 2020
Market volatility spikes to record high, taking out 2008 crisis peak
By one metric at least, the coronavirus-inspired mayhem on Wall Street now exceeds what was experienced during the 2008 financial crisis.
), a gauge of stock market volatility, spiked 43%
to 86.69 on Monday as coronavirus fears ripped through Wall Street. That takes out the previous record set on October 24, 2008,
according to Refinitiv.
On an intraday basis, the VIX topped out at 83.56 on Monday, just shy of the 2008 record of 89.53.
Worries about the coronavirus outbreak sent the Dow plunging 2,997 points, or 12.9%. The S&P 500 plummeted 12%, its worst day since 1987.
Selling was so extreme that trading on the New York Stock Exchange was halted for 15 minutes. It was the third time such a circuit breaker was triggered in the past week.
The CNN Business Fear & Greed Index
of market sentiment, which incorporates the VIX and other measures, is flashing "extreme fear."
That fear has driven up market volatility in dramatic fashion. The VIX has doubled so far in March. In fact, it's now up a whopping 500% this year.