The 2020 COVID-19 bear market in the S&P 500 lasted 33 days from its peak to its trough. The index reached a record closing high on February 19, 2020, and bottomed on March 23, making the decline one of the fastest bear markets in history.
The crash followed the global spread of COVID-19, lockdowns, travel restrictions and extreme uncertainty about economic activity. A disagreement between major oil producers added pressure to markets in early March, when investors were already seeking safety.
The S&P 500 fell about 34% from its February high to its March low. The Federal Reserve cut interest rates, restarted large-scale asset purchases and introduced emergency lending facilities, while governments approved major fiscal support programs. These actions helped stabilize financial conditions.
A bear market is generally defined as a decline of at least 20% from a recent high. The 33-day figure describes the peak-to-trough interval, not the time required for the index to recover. The S&P 500 later regained its pre-crash closing high in August 2020.