The Cboe Volatility Index fell on Wednesday, extending a recent decline that has put it on track for its lowest close in more than three months. The VIX lost 4.1%, or 0.6 point, to 14.11. If it were to settle at current levels, that would represent its fifth straight daily decline, as well as its lowest close since Feb. 1. Wall Street's so-called "fear index," which uses S&P 500 options to calculate expectations for volatility over the coming 30 days, has tumbled more than 35% over the past month, dropping alongside a steady recovery in the U.S. stock market. The Dow Jones Industrial Average is up 1.6% over the past month, while the S&P 500 is up 2.5% and the Nasdaq Composite Index is up 4.7%. The VIX, which reflects bullish and bearish bets on the S&P 500 in the coming 30 days, tends to fall as stocks rise. The VIX remains up about 28% in 2018, although it is well below its long-term average between 19 and 20. The Dow rose less than 0.1% on Wednesday, though it could also post its fifth straight daily gain, while the S&P was up 0.3% and the Nasdaq rose 0.2%. If that Nasdaq ends in positive territory, that would also mark its fourth straight daily gain.