(Bloomberg) -- The Cboe Volatility Index, known as Wall Street’s fear gauge, closed Thursday at its lowest level since before the pandemic hit as strong earnings pushed stocks to record highs.

The VIX closed down 3.1% at 15.01, its lowest close since Feb. 19, 2020. The VIX has averaged 19.71 in 2021.

The VIX is measure of market expectations of 30-day volatility and can serve as a way to gauge fear among market participants. The S&P 500 notched its seventh consecutive increase on Thursday, closing at a record; the VIX is down from 19.85 to 15.01 during the same time period.

In a note published on Thursday, Susquehanna International Group equity derivative strategist Chris Murphy wrote that while the VIX has “cratered,” volatility is still high in other parts of the market. The ratio between the CBOE 20+ Year Treasury Bond ETF Volatility Index and the VIX is in the 99th percentile over the past two year period. The CBOE China ETF Volatility Index and the CBOE Emerging Markets ETF Volatility Index are similarly elevated compared to the VIX, he said.

NOTE: Bloomberg Intelligence, VIX Cooling Still a Positive Sign for Stocks

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