The S&P 500 reached its pandemic-era low in March 2020 during the COVID-19 market crash. The index closed at 2,237.40 on March 23, its low for that crash period.
Markets fell rapidly as the coronavirus spread internationally, governments introduced restrictions, businesses closed, and investors reassessed economic prospects. An oil-price dispute between Saudi Arabia and Russia added to financial stress in early March.
The decline was unusually fast: the S&P 500 entered a bear market after falling at least 20% from its February record high. The Federal Reserve cut interest rates, restarted large-scale asset purchases, and introduced emergency lending facilities. Governments also announced major fiscal support.
Markets rebounded strongly after March, although economic damage and uncertainty continued. The March low should not be confused with the index’s later record highs or with the separate market disruption caused by the 2020 oil-price shock.