Stocks plummeted Wednesday in another volatile session as Wall Street grappled with the rapid spread of the coronavirus as well as uncertainty around a fiscal response to curb slower economic growth from the outbreak.

The Dow Jones Industrial Average traded more than 1,300 points lower, or 5.4%, and was 20% below its intraday high set earlier last month. A 20% decline is considered a bear market on Wall Street. However, some investors don't officially recognize a bear market until it reaches that milestone on a closing-level basis. The Dow is currently 19.98% below its closing all-time high. The S&P 500 is 19.08% from its closing record and traded 4.9% lower on the day. 

"We can see the panic in the equity market," said Jerry Braakman, chief investment officer of First American Trust. "The big question for most people is, are we at the bottom yet? I think we're only about halfway there."

The World Health Organization declared Wednesday the outbreak a global pandemic. The number of coronavirus cases around the world totaled more than 100,000, according to data from Johns Hopkins University. In the U.S. alone, more than 1,000 cases have been confirmed. This increase in cases added to fears of a global economic slowdown and have increased calls for government intervention.

President Donald Trump suggested Tuesday a 0% payroll tax rate that could last until the end of the year. However, the timing of such policies being implemented remains uncertain. Sen. Chuck Grassley, who heads the Senate Finance Committee, said such a tax cut needed to be examined.