During the 2020 COVID-19 stock-market crash, the S&P 500 fell 33.9 percent from peak to trough.
The decline ran from the index’s February 19, 2020, record close to its March 23 low. Fear about the rapidly spreading coronavirus, business shutdowns, unemployment, and the economic outlook produced exceptionally fast selling across global markets.
The fall was notable for its speed: the S&P 500 entered a bear market in March after taking only weeks to drop at least 20 percent from its high. Trading was halted several times by circuit breakers designed to pause markets during extreme declines. Central banks and governments then introduced major monetary and fiscal support.
Stocks recovered unusually quickly compared with many earlier crashes, although the economic effects of the pandemic were uneven. The 33.9 percent figure describes the index’s peak-to-trough movement, not a loss suffered equally by every investor or company.