The Dow Jones Industrial Average lost 12.93% on 16 March 2020, its steepest daily percentage fall during the COVID-19 crash.
The decline came as investors reacted to the rapid global spread of COVID-19, worsening economic forecasts, and emergency measures intended to contain the pandemic. The Dow fell 2,997.10 points, which was its largest point drop at the time.
The session followed other violent moves in March 2020. Trading was repeatedly halted by market-wide circuit breakers as prices fell, while governments and central banks announced large fiscal and monetary responses. The combination of a public-health emergency, uncertainty about business activity, and forced deleveraging produced exceptional volatility.
The percentage loss was larger than the famous 1987 Black Monday decline in point terms but smaller than 1987’s 22.6 percent percentage fall. Point and percentage records are not interchangeable because the Dow’s index level changes over time. The 16 March result therefore identifies a percentage record within the 2020 crash, not the largest decline in the Dow’s entire history.