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The stock market rout earlier this month triggered by rising interest rates had market watchers warning that volatility was back and here to stay.

The Cboe Volatility Index (VIX), which measures market expectations of volatility and is often referred to as Wall Street’s fear gauge, spiked to a multi-year high during the recent market sell-off. It stood at 16.49 at the end of last week.

Greater volatility in markets comes as central banks move to tighten monetary policy after years of low interest rates.

Amid the higher volatility, U.S. stock indexes still rounded up the week ending Feb. 23 with gains. The Dow Jones industrial average and S&P 500 closed higher by 0.4 percent and 0.6 percent on the week.