Biggest VIX Jump Since 2008 May Be One-Day Wonder: Chart of Day

The U.S. stock market’s fear gauge probably will settle down in the next few days after its biggest one-day surge since October 2008, according to Bill Luby, editor of the VIX and More newsletter and blog.

The CHART OF THE DAY displays daily percentage changes in the indicator -- the Chicago Board Options Exchange Volatility Index, also known as the VIX -- during the past 18 months.

The VIX climbed 31 percent yesterday as Standard & Poor’s lowered Greece’s debt ratings to junk-bond status and downgraded Portugal, heightening concern that European government deficits will spark a global financial crisis. This was only the eighth increase of 30 percent or more since the CBOE introduced the gauge in 1993, according to data compiled by Bloomberg. (more)