Stocks battle to recoup losses from steepest drop since 1987 crash The early gains have the major averages on track to recoup a portion of the more than 12 percent drop that occurred Monday. The selling pushed the benchmark S&P 500 nearly 30 percent below its Feb. 19 peak and ran the VIX, or fear index, to its highest level on record. More on this For more news, please go to FoxBusiness.com and watch Fox Business Network.