The 2020 COVID-19 bear market took 33 days to reach its S&P 500 low.
The decline began after investors recognized that the coronavirus pandemic would disrupt travel, production, employment, and consumer activity worldwide. The S&P 500 entered a bear market on March 12, 2020, and reached its closing low on March 23, only 33 calendar days after its February 19 record close.
That speed made the episode unusual. Markets also experienced repeated trading halts, called circuit breakers, as prices moved sharply. Governments and central banks then announced large fiscal, monetary, and public-health responses, helping markets rebound from the March low.
The crash’s real-world economic damage was severe, but the stock-market path did not mirror every later development of the pandemic. The S&P 500 recovered relatively quickly compared with many earlier crashes, although sectors such as airlines, energy, hospitality, and office property faced especially difficult conditions.