Financial markets are tumbling amid mounting investor concern about the economic fallout from the coronavirus outbreak, which health officials officially declared a pandemic.

The Dow was down 1,340 points, or 5%, to 23,678 as of 2:11 p.m. Eastern time. The stock index is now nearing “bear” territory, meaning it has fallen nearly 20% from its all-time high in February.

The broad-based S&P 500-stock index fell 4.9%, and the tech-heavy Nasdaq composite sank 4.7%. The declines erased Tuesday’s sharp gains, when investors boosted stocks in hopes of a proposed stimulus package from the Trump administration.