During the COVID-19 stock-market crash, the S&P 500 fell approximately 34% from its February 2020 peak to its March low.
The index reached a record closing high of 3,386.15 on 19 February 2020. As the coronavirus spread globally, investors reacted to lockdowns, travel restrictions, business closures, and rapidly worsening economic expectations. The S&P 500 reached a closing low of 2,237.40 on 23 March.
The decline occurred with unusual speed: the index entered a bear market in March after taking only weeks to fall at least 20% from its high. Central banks and governments then introduced large monetary and fiscal responses, while markets also began anticipating vaccines and economic reopening.
The 34% figure describes the peak-to-trough move in the S&P 500, not every stock or every market worldwide. Some sectors, especially travel and energy, suffered much larger falls, while technology shares recovered particularly quickly.