Wall Street’s “fear index” has fallen to a 5½-year low as investors turn increasingly positive on the outlook for global stock markets.
The Vix index tracks investor expectations of market volatility revealed in the pricing of options that protect against violent moves on the S&P 500. As money managers typically seek protection against sharp share declines, the Vix is considered a gauge of how fearful investors are.
Despite the limp economic recovery and political gridlock in the US, and the simmering European debt crisis, the Vix has been ground lower over the past year, and touched 13.2 points yesterday, the lowest since June 2007.
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