The S&P 500 declined approximately 33.9% from its February 2020 peak to its March 2020 pandemic low.
The rapid bear market unfolded as COVID-19 spread internationally and governments introduced travel restrictions, business closures, and stay-at-home measures. Investors feared a sudden collapse in economic activity, corporate earnings, and energy demand.
The index reached its bear-market low on March 23, 2020, after a record-speed decline from its February 19 peak. Extraordinary monetary and fiscal support, progress toward reopening, and expectations for vaccines helped equities recover much of the fall later in 2020.
The crash is unusual for both its speed and its close connection to a public-health emergency. It also coincided with a dramatic oil-price shock and severe stress in credit markets, making it more than a conventional earnings-driven correction.