Thirty-three calendar days passed between the S&P 500’s 2020 record close and its bear-market low.
The index reached a closing record on February 19, 2020, before concerns about the COVID-19 pandemic triggered a worldwide sell-off. It reached its closing low on March 23, 2020, making the interval 33 calendar days. The S&P 500 had fallen about 34 percent from peak to trough.
The decline was unusually rapid because investors confronted both a public-health emergency and an abrupt economic shutdown. Oil-market tensions added pressure in March. Central banks and governments then introduced substantial monetary and fiscal support, helping markets recover from the March low.
The 33-day count uses calendar days and closing levels. It is not the same as counting trading sessions, measuring the Dow, or using the intraday low. Those choices produce different figures.