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Stocks fell more than 4% on Wednesday, with the Dow closing in bear market territory — or 20% below the record high hit in February.
Why it matters: The Dow's steep drop ends one major index's record 11-year stretch without a 20% decline, as Wall Street grapples with just how bad the coronavirus will be for the global economy. The S&P 500 is about 30 points away from hitting bear market territory.
Between the lines: A stretch of market volatility like this — with 2% or more moves almost every trading session in recent weeks — has been rare in the past decade.
- While central banks around the world are stepping in, it’s unclear what measures — if any — the Trump administration will be able to get through Congress to stem the economic pain.
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