The Dow Jones Industrial Average fell sharply Wednesday, ending more than 20% below its all-time closing high from last month and meeting the widely used definition of a bear market. The S&P 500 index and Nasdaq narrowly avoided the same fate.

The Dow DJIA, -0.87% tumbled 1,464.94 points, or 5.9%, to close at 23,553.22, leaving it 20.3% below its record close of 29,551.42 set on Feb. 12. All 30 Dow components fell, with Boeing Co. BA, -3.81% leading the way lower with an 18.2% tumble.