During the 2020 stock-market crash, which global health event caused the main economic shock?

The COVID-19 pandemic caused the main economic shock behind the 2020 stock-market crash.

Global markets fell sharply in February and March 2020 as the spread of SARS-CoV-2 led governments to impose travel restrictions, business closures and stay-at-home measures. Investors feared a sudden worldwide contraction in production, employment and consumer demand.

The crash was intensified by a breakdown in negotiations among major oil producers, which caused an additional oil-price shock in March. The Dow Jones Industrial Average entered a bear market, and several U.S. market-wide circuit breakers were triggered during the turmoil.

Central banks and governments responded with emergency interest-rate cuts, asset purchases, lending programs and fiscal support. Markets recovered rapidly from their March lows, although the public-health crisis and its economic effects continued. The event is distinct from the 2008 crash, which centered on financial institutions and housing credit.