One key measure of investor fear is the volatility index, which has soared over the past few days. As a result, volatility exchange traded notes (ETNs) have shot up as well. The question remains whether investors will regain confidence in the global economic recovery.

On Thursday, the CBOE Volatility Index (VIX) jumped 31.2% as stocks fell sharply amidst lingering concerns over the European Union and emerging market growth, reports Julianne Pepitone of CNN Money.

Year to date, the VIX is up 114%, settling on Thursday at 46.35. A reading above 30 usually reflects a fearful market. Over the past five days alone, it has jumped more than 73% after reaching a three-year low just four weeks ago. [Putting Money on Volatility.]

Apparently, the nearly $1 trillion bailout package of the European Union has not assuaged investors’ worries. On top of credit concerns, investors are now fearful that drastic budget cuts throughout the eurozone may put the brakes on the global economic recovery. [Mitigating Market Volatility With ETFs.]

For more stories on market sentiment, visit our VIX category.