The S&P 500 lost about 34 percent from its February 2020 peak to its March 2020 bear-market low.
The index reached a closing high of 3,386.15 on February 19, 2020, then fell rapidly as COVID-19 spread internationally and governments introduced restrictions that sharply reduced economic activity. It reached a closing low of 2,237.40 on March 23, a decline of roughly 33.9 percent.
This episode is often called the COVID-19 market crash, although the market response was part of a much broader shock. An oil-price dispute between Saudi Arabia and Russia also contributed to turmoil in March, while central-bank actions, fiscal programs, and vaccine developments later supported recovery. The fall qualified as a bear market because it exceeded 20 percent, but the rebound was unusually rapid compared with many earlier crashes. The exact percentage varies slightly depending on whether closing or intraday prices are used.