The Dow Jones Industrial Average fell 37% from February 19 to March 23, 2020, during the COVID-19 crash.
The 2020 stock-market crash began after investors rapidly reassessed the economic effects of the COVID-19 pandemic. The Dow reached a record closing high on February 12, 2020, then entered a steep decline as outbreaks spread, travel and business restrictions expanded, and uncertainty increased.
From its February 19 peak to its March 23 low, the Dow fell about 37%. The speed of the decline was extraordinary, and U.S. exchanges triggered several circuit breakers as prices dropped sharply. An oil-price dispute between Saudi Arabia and Russia added pressure during the early phase.
Markets rebounded strongly after March 23 as governments and central banks announced large fiscal, monetary, and emergency-lending measures. The crash was global, but its economic consequences varied by country and sector. The 37% figure describes the peak-to-trough Dow decline, not a single day's loss.