Volatility in U.S. stocks surged to a record after benchmark indexes suffered the biggest rout since 1987.
The Cboe Volatility Index ended Monday at 82.69 as the S&P 500 Index tumbled 12%. The fear gauge’s prior closing high was 80.86 on Nov. 20, 2008, after lawmakers postponed a vote on a plan to save the auto industry.
The gauge’s rose as high as 83.56 during Monday's session, short of its intraday record of 89.53 reached on Oct. 24, 2008.
“In 2008, you pretty much knew it was banking system breaking down, but didn’t know exactly how, and now it’s everything breaking down and how that spills over,” said Steve Sosnick, chief strategist at Interactive Brokers. “The latter is worse, I’d argue -- this is dislocating everything.”
The VIX Index measures the 30-day implied volatility of the S&P 500 Index based on out-of-the-money options prices. The current level implies daily swings of more than 5% are in the offing for the benchmark equity gauge, which is lower than what’s been realized over the past 10 sessions.
Meanwhile, Ameriprise has added a Florida-based veteran formerly with Oppenheimer just as it loses a similarly seasoned professional to Prudential Advisors in New Jersey.
Goldman's asset management arm is deepening its options-ETF bet, adding NEOS's $30 billion income lineup a year after buying Innovator's buffer ETFs.
IFP adds roughly $400M in combined assets as advisors from South Dakota and Maryland seek flexible, long-term partnerships following LPL's Commonwealth acquisition.
A score is generated to show coverage needs across life insurance, long-term care coverage, retirement income protection, and annuities.
Christian Mango is joining the PE-backed RIA giant to grow retirement plan services as it deepens its workplace-to-wealth strategy
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
