The S&P 500 suffered its biggest daily drop since late September on Thursday as the European Central Bank disappointed market hopes for greater stimulus.

The ECB move triggered a spike in the euro that caught investors by surprise, forcing them to shift positions and that affected many asset classes. Bond prices dropped after the announcement.

At the same time, the CBOE Volatility index .VIX, the stock market’s fear gauge, jumped 13.8 percent, closing at its highest since Nov. 17.

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