The New York Times reported Wednesday that a market plunge ended an 11-year bull market for the Dow Jones industrial average, which closed with a loss of nearly 6%.
The Dow – which hit a record high less than a month ago – fell 1,500 points after the World Health Organization officially declared the coronavirus outbreak a pandemic, according to the Washington Post.
The Times reported that the S&P 500 finished down nearly 5% for the day, staying shy of bear market territory.
Financial markets had been struggling since news of the outbreak's spread began to intensify. Financial measures in the form of interest rate cuts by the Federal Reserve and the Bank of England have failed to calm financial markets, according to the Times.
Story topics: Covid-19