The Dow Jones Industrial Average fell into a bear market for the first time in 11 years on Monday, putting an end to the long-term bull market amid concerns over the coronavirus. According to The Washington Post, the Dow dropped 20.3 percent since records highs in mid-February—putting the average past the bear market threshold of a 20 percent drop. The average reportedly plummeted almost 1,500 points on Wednesday in the wake of the World Health Organization declaring the coronavirus a pandemic. All market sectors of the S&P 500 were also down on Wednesday. On top of coronavirus fears, Saudi Arabia announced it would increase oil production for the first time in a decade—which caused oil prices to fall and prompted fears of an oil price war.
