CBOE Volatility Index related exchange traded funds spiked Tuesday, with the VIX hovering around a six week high, as the S&P 500 moves toward its longest losing streak in six weeks.

The iPath S&P 500 VIX Short Term Futures ETN (NYSEArca: VXX), an exchange traded note, rose 4.7% Tuesday. VXX is up 2.7% over the past week, but the note is still down 64% year-to-date.

The CBOE Volatility Index surged 5.1% Tuesday and traded around 15, shifting back above its 50-day and 200-day moving averages.

Broad U.S. stocks extended losses into a third session Tuesday as investors contemplated the Fed’s next move, reports Kate Gibson for CNBC.

The S&P 500 declined 0.7% and is trading around 1,788.

“The thought that has emerged since last week is perhaps the numbers are so good the Fed will taper a little sooner,” JJ Kinahan, chief strategist at TD Ameritrade, said in the article. “Plus, we’ve been at all-time highs and people want to protect themselves as we head into year-end.”

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