During the COVID-19 market crash, the S&P 500 entered a bear market on March 12, 2020, after falling at least 20% from its record high.
The index had reached a record closing level on February 19, 2020. As the coronavirus spread internationally and governments introduced travel restrictions and shutdowns, investors rapidly reassessed corporate earnings, economic activity, and financial risk. The S&P 500’s decline from its February peak reached the conventional bear-market threshold on March 12.
That session was also one of the market’s most turbulent days. The index fell nearly 10%, while the Dow Jones Industrial Average dropped more than 2,300 points. Trading pauses known as circuit breakers were triggered repeatedly during the broader crash as prices moved with unusual speed.
The downturn reached its closing low on March 23, 2020, before an extraordinary rebound supported by monetary stimulus, fiscal programs, and improving expectations about economic reopening. A bear market describes a decline of at least 20%; it does not itself specify how long the decline will last.