The World Health Organization declared on Wednesday the COVID-19 a pandemic. Director-General of the WHO, Tedros Adhanom Ghebreyesus, called at a press conference for more aggressive action in dealing with the crisis.  

"All countries can still change the course of this pandemic. If countries detect, test, treat, isolate, trace and mobilize their people in the response," Tedros said. 

The news rattled the global economy, causing the Dow Jones Industrial Average drop by 1,464 points. It officially put Wall Street in a "bear market." 

Meanwhile, the threat of the coronavirus has postponed a number of high profile events. 

The NCAA, which oversees major collegiate athletic events in the U.S., released a statement on limiting attendance. 

How this will impact the March Madness college basketball tournament later in the month is less than certain. 

Political rallies for Democratic presidential candidates Joe Biden and Bernie Sanders had to be canceled over the concerns. 

The U.S. capital has also felt the effects of the coronavirus, as DC Mayor Muriel Bowser declared a state of emergency and a public health emergency, and has recommended non-essential mass gatherings with 1,000 or more people in specific locations , such as conference and conventions, be canceled or posted.

Multiple St. Patrick's Day parades throughout the U.S., most famously in Chicago and Boston, have been canceled over the COVID-19 outbreak.