What was the shortest bear market in S&P 500 history, ending after the 2020 COVID-19 crash?

The 2020 bear market was the shortest bear market in S&P 500 history, ending after the COVID-19 crash.

The S&P 500 entered bear-market territory on March 12, 2020, after falling at least 20% from its February record. It reached its closing low on March 23, 2020, and then began a rapid recovery. The bear market lasted only 33 days by the commonly used peak-to-trough measure.

The crash reflected the sudden economic shock caused by the COVID-19 pandemic. Governments imposed restrictions to slow transmission, businesses closed or reduced activity, and investors faced exceptional uncertainty about earnings, employment, and supply chains. A separate oil-price dispute between Saudi Arabia and Russia added pressure in March.

Central banks and governments responded with large emergency measures. The U.S. Federal Reserve cut interest rates, purchased assets, and created lending facilities, while Congress approved major fiscal support. These actions helped stabilize financial markets, though the broader economic effects were severe.

The 2020 episode was unusually fast in both directions: the decline was one of the quickest on record, and the subsequent rebound was also exceptionally rapid. A bear market is defined by a 20% decline, not by a particular cause or duration.