CBOE Volatility Index Spikes On Greece Default Worries

By Sue ChangMarketWatch Pulse

The CBOE Market Volatility Index jumped above the 17-mark for the first time on Monday since Feb. 10 after Greece said it will most likely default on its payment to the International Monetary Fund. The Vix, the so-called fear gauge, surged 3.33 points, or 23.8%, to 17.35 in recent activity, its biggest single-session percentage gain since December 2014. A senior Greek official told the Wall Street Journal that Greece won't be able to meet the $1.7 billion debt due to the IMF Tuesday. Stock markets around the globe fell as fears over Greek default spread with the S&P 500 and the Dow Jones Industrial Average both down 1.4%.

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