The CBOE Volatility Index, which measures implied volatility on the S&P 500 and is often referred to as the Wall Street's fear gauge, has dropped 27% to below 30 on Tuesday, paving the way for the biggest rally on Wall Street this year. The index spiked to the highest level since 2011 on Monday, closing at 40, and still remains well above the long-term average of 20. The S&P 500 saw its biggest rally in 2015, rebounding 2.6% to 1,941 on Tuesday.
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