The VIX isn’t calling it quits just yet.
The CBOE Volatility Index, known as the market’s fear gauge, fell to 2 1/2-month lows early Friday, but now has shot higher as the stock market swoons.
The so-called VIX advanced 5.7% to 14.40, on pace for its biggest one-day gain since March 26, when it shot up 6.5%. The S&P 500 is down 1.2% to 1867.
The VIX, which measures prices traders are willing to pay for options portfolio insurance, earlier dropped as much as 5.8% to 12.60, breaking under 13 for the first time since late January.