The Dow Jones Industrial Average fell into a bear market Wednesday, closing more than 20% off its all-time closing high in a broad selloff attributed in part to disappointment in the lack of quick action on fiscal stimulus to cushion the economy from the effects of the spread of COVID-19. The S&P 500 SPX, -1.11% and Nasdaq Composite COMP, -1.07% narrowly averted a bear market after rising off of session lows. The Dow Jones Industrial Average DJIA, -0.87% ended the session down around 1,465 points, or 5.9%, near 23,554, according to preliminary figures. The S&P 500 dropped around 141 points, or 4.9%, to finish near 2,741, while the Nasdaq Composite lost around 392 points, or 4.7%, near 7,952. A bear market is widely defined as a close more than 20% below a recent peak. All three major indexes traded below that threshold in afternoon trade