The S&P 500 bear market during the COVID-19 crash of 2020 lasted 33 days.
The index entered bear-market territory on March 12, 2020, after falling at least 20% from its February record close. It reached its low on March 23, making the episode one of the fastest bear-market declines in US market history.
The sell-off reflected fears about the coronavirus pandemic, business shutdowns, unemployment, disrupted supply chains, and falling energy demand. Financial markets also reacted to an oil-price dispute between Saudi Arabia and Russia in early March.
The Federal Reserve cut interest rates, expanded emergency lending programs, and purchased assets, while the US government enacted major fiscal measures. The S&P 500 then rebounded rapidly, although the economic damage and public-health crisis continued. This crash is distinct from the longer 2007–09 financial crisis.