S&P 500 falls 20% from record high, crossing bear market threshold

(Reuters) – The S&P 500 .SPX on Wednesday fell 20% below its Feb. 19 intraday record high, crossing the threshold into a bear market after the World Health Organization classified the coronavirus outbreak as a pandemic.

Earlier in the session the Dow Jones Industrial Average .DJI also dipped 20% below its intraday record high reached on Feb. 12. To confirm a bear market the averages would need to close 20 percent below their record closing highs.

Based on the latest available data, the Dow Jones Industrial Average .DJI fell 1,594.85 points, or 6.37%, to 23,423.31, the S&P 500 .SPX lost 164.5 points, or 5.71%, to 2,717.73 and the Nasdaq Composite .IXIC dropped 457.12 points, or 5.48%, to 7,887.13.

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