The coronavirus-induced sell-off reached a new low Wednesday—with the Dow industrials falling into a bear market and the Standard & Poor's 500 and Nasdaq nearly reaching that level—as Wall Street considered the rapid spread of COVID-19 as well as uncertainty over a fiscal response to counter slower economic growth from the outbreak. A bear market is when a stock index closes more than 20 percent below recent highs. The World Health Organization (WHO) on Wednesday declared the outbreak a global pandemic, as the number of cases worldwide topped 120,000. In the United States, more than 1,000 cases have been confirmed. The Dow Jones industrial average fell 1,465, or 5.9 percent, to 23,553.22. The broader S&P 500 index fell 140.85, or 4.9 percent, to 2,741.38, more than 19 percent below its recent record high. The technology-heavy Nasdaq composite index fell 392.20, or 4.7 percent, to 7,952.05, also about 19 percent from its recent record high.