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Even as $320 billion was erased from U.S. equity values yesterday and all but 14 companies in the Standard & Poor?s 500 Index fell, volatility gauges signaled investors have yet to enter panic mode.
The 18 percent increase in the Chicago Board Options Exchange Volatility Index sent the measure to 15.64 yesterday, below its peak level during every major drop since 2012, data compiled by Bloomberg show. The VIX, derived from the price of options used to hedge against losses, is hovering around its average level from the past three years, the data show.
Stocks slumped as Apple Inc. led a retreat in technology shares and concern grew over tensions erupting in Russia and the Middle East. The S&P 500 (SPX) slipped 1.6 percent, a decline that matches the usual size of its biggest one- and two-day retreats since the start of 2013, according to data compiled by Bloomberg.
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