The 11-year Dow Jones bull market that began on March 9, 2009, under President Obama has ended under Donald Trump as the stock market has now declined 20% from recent record highs.
We’re now officially in bear market territory.
From NBC News:
The Dow Jones Industrial Average closed down more than 1,400 points on Wednesday, crossing firmly into bear market territory, or a 20 percent decline from a 52-week high. The losses came as the World Health Organization labeled the coronavirus outbreak a pandemic.
The S&P 500 and the Dow are currently down more than 14 percent from the record highs they hit just last month, making this the fastest drawdown from peak to decline.
Wednesday’s massive sell-off is a response to the lack of concerted policy action from President Donald Trump’s administration, which has been criticized for its mixed messaging about the best ways to address and contain the virus.
— CNBC (@CNBC) March 11, 2020
— (((Michelle Blechman))) (@TheBlechster) March 11, 2020
In related news, the World Health Organization on Wednesday characterized the coronavirus as a pandemic for the first time.
Currently, there are more than 1,000 confirmed cases of coronavirus in the United States. Experts say that number that is expected to rise as testing becomes more widely available.