How many trading days did the 2020 COVID-19 bear market take to reach a 30% S&P 500 decline?

The S&P 500 took 22 trading days to reach a 30% decline during the 2020 COVID-19 bear market.

The rapid fall began after investors recognized that the coronavirus outbreak would disrupt travel, supply chains, employment, and economic activity worldwide. From its record close on February 19, 2020, the S&P 500 entered bear-market territory on March 12 and reached a 30% loss on March 16, only 22 trading days later.

The speed of the decline was extraordinary, but the market’s rebound was also unusually fast. Central-bank action, government fiscal support, vaccine progress, and expectations of economic reopening helped lift prices from the March 23 low. The recovery did not mean that the health crisis or economic damage had ended.

A bear market is commonly defined as a decline of at least 20% from a recent closing high. The 2020 episode is therefore measured from the S&P 500’s February record, not from the start of the calendar year or from an intraday price.