The S&P 500 reached its lowest close in the COVID-19 market crash on March 23, 2020.
The index had reached a record closing high on February 19, 2020, but fell rapidly as COVID-19 spread internationally and governments imposed restrictions. By March 23, the S&P 500 had lost about 34% from that February peak, closing at its pandemic-era low.
The decline was amplified by uncertainty about public health, business closures, employment, corporate earnings, and the energy market. A dispute among major oil producers also contributed to a sharp oil-price shock in early March. U.S. exchanges repeatedly triggered circuit breakers as prices plunged.
Markets rebounded after March 23 as governments and central banks announced enormous fiscal and monetary support, and investors began to anticipate vaccines and economic reopening. The speed of both the fall and recovery made the episode unusual. The S&P 500’s March low is different from the Dow’s low and from the calendar date on which the bear market officially began.