The current level of the Cboe Volatility Index, also called by many on Wall Street. the VIX or fear gauge, spiked 25 points hitting a high of 82.69, a new record and for the record, higher than the 2008 Great Recession level. Stocks suffered a monster selloff due to this new Coronavirus or Wuhan virus as the press has called it for months (there is talk that would change the names of Zika, Ebola and Rocky Mountain Fever as well as Wuhan as they are all places in which these viruses started). The US central bank cut rates to zero to combat the massive selling interest and damage that is expected in the economy. Fear is spreading but in our view it will fade in the coming weeks.
Wall Street: Fear Gauge Higher Than 2008
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