March 12, 2020 marked the 2020 stock-market crash’s official bear-market entry for the S&P 500.
On that day, the S&P 500 closed more than 20% below its record close from February 19, 2020. That crossed the commonly used threshold for a bear market. The decline was driven by rapidly spreading COVID-19, restrictions on travel and commerce, uncertainty about corporate earnings, and an oil-price dispute between major producers.
The 2020 crash moved with unusual speed. U.S. trading was halted several times in March when market-wide circuit breakers were triggered. Central banks and governments then introduced extraordinary monetary and fiscal measures, helping stabilize markets even as the real economy experienced severe disruption.
The date can be confused with March 9, when the S&P 500 suffered another dramatic fall, or March 16, its worst daily percentage decline since 1987. The index ultimately reached its 2020 closing low on March 23 before beginning a powerful recovery.