Thirty-three calendar days separated the S&P 500’s 2020 record high from its bear-market low.
The index reached a closing record of 3,386.15 on February 19, 2020, as investors had not yet fully priced the economic effects of COVID-19. It reached a closing low of 2,237.40 on March 23, 2020. The interval was 33 calendar days.
The decline was exceptionally rapid: the S&P 500 lost about 34% from its closing peak to its closing trough. Travel restrictions, business shutdowns, uncertainty about the virus, and a sudden deterioration in economic expectations drove the panic.
The Federal Reserve and other central banks introduced emergency measures, while governments approved large fiscal-support programs. The market then rebounded quickly, though the economic damage and uneven recovery continued. The 33-day figure refers to closing levels and calendar days, not every intraday movement.