US stocks fell into bear market territory in intra-day trading on Wednesday, shortly after the World Health Organization called the coronavirus outbreak a pandemic for the first time and market analysts warned of more turbulence to come.
The Dow Jones Industrial Average dropped 6.5 per cent in late afternoon trading in New York, marking a fall of more than 20 per cent from the benchmark’s high last month that traders refer to as a bear market. The S&P 500 fell 5.9 per cent, erasing Tuesday’s 4.8 per cent gain, similarly touching bear market levels.
“The end of the bull market in stocks is upon us as,” said Chris Rupkey, chief financial economist at MUFG Union Bank.
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