VIX Surges 70% in Reported Third-Largest Daily Gain on Record

The Cboe Volatility Index $VIX reportedly surged 70% during the trading session, a move described as its third-largest daily percentage increase in history.
Often referred to as Wall Street's fear gauge, the VIX measures the market's expectation of S&P 500 volatility over the next 30 days using options prices.
A jump of this magnitude signals a sharp increase in demand for volatility protection as investors respond to falling equity prices and uncertainty over the market outlook.
The historical ranking remains subject to confirmation using closing data. A large percentage increase in the VIX does not necessarily mean that its absolute level has reached a record high.