U.S. markets closed Wednesday in bear territory, as stocks lost more than 20% in value from their record high in February.
The Dow Jones Industrial Average fell by 5.87% to close at 23,550 points, which is more than 20% lower from its February all-time high of over 29,000 points.
The S&P 500 and Nasdaq composite also closed down, 4.89% and 4.70%, respectively.
Declines in the markets accelerated after the World Health Organization declared the coronavirus to be a pandemic.
Trading on Wednesday ended an 11-year bull market that began on March 9, 2009, which was the longest bull market in U.S. history.
Oil prices also extended its fall with crude oil trading at roughly $33 a barrel, a drop of nearly 5% from the previous day.
