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The S&P VIX, the Wall Street’s volatility or fear index, surged over 60% to 37.21 on Wednesday, the highest level since Nov. 2, according to data source TradingView. 

Volatility surged as major indices fell over 2%, and stocks such as GameStop and AMC witnessed enormous and unusual price swings. The Securities and Exchange Commission has disclosed it is monitoring the situation.

A continued rise in volatility or uncertainty may bode well for the anti-risk US dollar. The greenback jumped 0.53% against major currencies on Wednesday.