The volatility index hit its highest levels in a month on Tuesday. Click chart for more on the VIX.
NEW YORK (CNNMoney -- Wall Street's key volatility measure spiked nearly 28% Tuesday as investors fret about the deteriorating situation in Libya.
The CBOE volatility index (VIX), or VIX, rose 27.8% to 20.99 in late afternoon trading. The index has jumped more than 31% in five days and is now trading at its highest level since late November.
Investors are clearly getting worried but the fear level is still below 30 -- considered the benchmark sign of investor worry.
At current levels, the VIX is also still way below its peak level of almost 90 hit in October 2008 -- after Lehman Brothers collapsed. And year to date, the index is up only about 18%.
The VIX is used by traders as a gauge for how volatile the stocks and futures markets could be over the next 30 days.
The rise in the VIX comes amid a sharp stock sell off, with the Dow falling as much as 120 points.
The turmoil and chaos in Libya is keeping investors on edge as worries about a disruption in oil supplies sends crude prices sharply higher. Oil prices continued to spike Tuesday.
The VIX hit a session high after Libyan leader Moammar Gadhafi said in an hour-long speech that he would not step down and would die before being removed from office.
The Libyan protests follow what have been mass protests across the Middle East. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.80% | |
| 15 yr fixed | 3.09% | 3.11% | |
| 5/1 ARM | 2.65% | 2.69% | |
| 30 yr refi | 3.77% | 3.86% | |
| 15 yr refi | 3.09% | 3.21% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 12,454.83 | -74.92 | -0.60% |
| Nasdaq | 2,837.53 | -1.85 | -0.07% |
| S&P 500 | 1,317.82 | -2.86 | -0.22% |
| Treasuries | 1.74 | -0.01 | -0.80% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 7.15 | 0.01 | 0.14% |
| Sprint Nextel Corp | 2.62 | 0.09 | 3.56% |
| Cisco Systems Inc | 16.33 | -0.06 | -0.37% |
| Chesapeake Energy Co... | 15.81 | 0.23 | 1.48% |
| Ford Motor Co | 10.60 | 0.01 | 0.09% |
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