The S&P 500 lost about 34% from its February 2020 peak to its March 2020 trough during the 2020 stock-market crash.
The index closed at a record high on February 19, 2020, then fell rapidly as the COVID-19 pandemic spread and governments imposed restrictions that disrupted travel, trade, employment, and business activity. It reached a low on March 23, down roughly 34% from the February peak.
The decline was one of the fastest bear-market episodes in modern U.S. market history. Extraordinary monetary and fiscal support, along with changing expectations about vaccines and reopening, helped markets rebound sharply later in 2020.
The market fall and the wider economic recession were related but not identical. Stock prices reflect expected future profits and policy support, while unemployment and output respond to real-world restrictions and demand. The 34% figure refers specifically to the S&P 500’s peak-to-trough decline.