During the COVID-19 market crash, what bear-market milestone did the S&P 500 reach in March 2020?

During the COVID-19 market crash, the S&P 500 reached the fastest bear-market milestone in history. It fell at least 20% from its February 19, 2020 record close in just 16 trading days.

The decline reflected the rapid global spread of COVID-19, travel restrictions, business closures, expectations of recession, and a collapse in demand for oil. U.S. exchanges also experienced several circuit-breaker halts as prices moved sharply lower. The S&P 500 reached its initial pandemic-era low on March 23, 2020.

The phrase “bear market” generally means a fall of at least 20% from a recent closing high. It does not necessarily mean every stock has fallen by 20%, and it does not identify the eventual economic severity of a recession.

The market then rebounded unusually quickly after massive fiscal and monetary support, although the recovery was uneven across sectors. The 2020 episode is therefore distinct from the longer declines of 1929 or 2008, despite its abruptness.