The S&P 500 reached its lowest closing level of the 2007–2009 global financial-crisis bear market on March 9, 2009.
The index closed at 676.53, after falling from its record close of 1,565.15 on October 9, 2007. The decline reflected mounting losses tied to the US housing collapse, mortgage-backed securities, bank balance sheets, and a worldwide recession. The failure of Lehman Brothers in September 2008 intensified the crisis, but the market continued falling for months afterward.
March 9, 2009, is often described as the market bottom for that bear market, not the end of the economic crisis itself. Unemployment, foreclosures, and weak credit conditions remained serious afterward. The S&P 500 then began a long recovery, supported by emergency monetary policy, government interventions, and improving investor confidence.