What was the shortest bear market in S&P 500 history, ending on March 23, 2020?

The 2020 bear market was the shortest bear market in S&P 500 history, ending on March 23, 2020. It began on February 19, 2020, when the index reached a record high, and lasted only 33 calendar days.

The crash was triggered by the economic shock of the COVID-19 pandemic. Travel restrictions, business closures, supply disruptions, and fears of a global recession produced exceptionally rapid selling. The S&P 500 fell about 34% from its February peak to its March low, while trading was repeatedly halted by market-wide circuit breakers.

The recovery was also unusually fast compared with earlier crashes. Massive fiscal support, central-bank actions, vaccine progress, and reopening expectations helped lift equities. A bear market is conventionally defined as a decline of at least 20% from a recent closing high; its brief duration does not mean the economic damage was brief.