(Bloomberg) -- Wall Street's “fear gauge” rose the most since February, raising alarms that investors could be in for a repeat of the market meltdown seen earlier this year.
The Cboe VIX Index's 44 percent jump Wednesday to 22.96 leaves it a good distance from its peak close in early February of 37.32. But the speed of the increase, on top of advances in the past few sessions that ended a midyear hibernation, may give traders pause.
Read More: Fear Gauge's Surge Leaves Has Stock Strategists Asking What Next (Oct. 8)
Today's level pulls the VIX above its long-term average of around 19.3. The most-traded options on the gauge were Oct. 25 calls, 17 calls and 21 calls.
To contact the reporter on this story: Joanna Ossinger in New York at jossinger@bloomberg.net
To contact the editors responsible for this story: Chris Nagi at chrisnagi@bloomberg.net, Brendan Walsh, Andrew Dunn
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