CBOE volatility index slides 11% as stocks rally

LOS ANGELES (MarketWatch)
The CBOE Market Volatility Index dropped Thursday as U.S. stocks rallied in the wake of the Federal Reserve's plan to launch a new round of bond buying to stimulate economic growth
The Vix, the so-called fear gauge, fell 11% to 14.07, the biggest decline since a 12.1% stumble on Sept. 6
The Federal Reserve, concerned about tough conditions in the labor market, said it would buy mortgage-backed securities at a pace of $40 billion a month
On Wall Street, the S&P 500 Index rose 1.6% to 1,460, and the the Dow Jones Industrial Average      surged more than 200 points.