So much for a relief rally.
Stocks spiked in the hour after the Federal Reserve announced its intention to keep the key federal funds rate at rock-bottom levels for another month at least. But markets soon beat a speedy retreat, and opened Friday significantly lower.
Perhaps even more telling is the action in the CBOE Volatility Index, which measures the prices of options on the S&P 500 and hence the magnitude of expected moves in stocks. It is often known as the market's "fear gauge," because it will rise as investors pay more to hedge their market exposure.
This index, the VIX, opened Friday 7 percent higher than where it opened Thursday.