The S&P 500 took 33 calendar days to fall from its February 2020 record to its COVID-19 bear-market low.
The index reached a record closing high on February 19, 2020, before the growing global effects of COVID-19 triggered an exceptionally rapid sell-off. It reached its bear-market closing low on March 23, 2020, a span of 33 calendar days.
The decline reflected uncertainty about the virus, business shutdowns, travel restrictions, collapsing demand, and stress in credit and energy markets. The S&P 500 fell about 34% from its record close to its March low, although the exact percentage depends on whether closing or intraday prices are used.
The speed of the fall distinguished this episode from many older crashes. The U.S. Federal Reserve and other central banks introduced extensive support measures, while governments enacted fiscal programs. Markets later rebounded sharply, even as the public-health and economic consequences continued.