S&P 500's Latest Trip Toward 2,000 Comes With VIX in Retreat
- Almost $700 billion in value added to stocks since Sept. 28
- Volatility indicator goes below 20 for first time since August
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The five-day surge that has restored almost $700 billion to U.S. equity prices is closing in on a level where previous rallies have faltered. Measures of stress in the stock and options market suggest to one strategist that the potential for success is greater this time.
Aided by a 1.8 percent gain Monday and the biggest intraday turnaround in four years on Friday, the benchmark gauge for American equities has jumped 5.6 percent since Sept. 28 in its longest rally of the year. At 1,987.05, the index is closing in on its highest level since bottoming two months ago and is within 1 percent of 2,000 for only the fifth time since Aug. 20.