The S&P 500 entered a bear market after 16 trading days during the 2020 COVID-19 stock-market crash.
The index reached a record closing high on February 19, 2020. As the coronavirus spread globally and governments imposed restrictions, investors reassessed corporate earnings, travel, energy demand, and financial risks. By March 12, the S&P 500 had fallen more than 20% from its peak, meeting the conventional definition of a bear market.
The move was exceptionally fast by historical standards. Several U.S. trading halts, known as circuit breakers, were triggered in March as prices dropped sharply. Massive fiscal support, central-bank action, and progress toward vaccines helped markets rebound later in 2020, even while the public-health and economic crises continued. The 16-day count refers to trading sessions, not calendar days.