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

The 2020 bear market was the shortest major bear market in S&P 500 history.

It lasted from February 19, 2020, when the index reached a record close, to March 23, 2020, when the market reached its pandemic-era closing low. The S&P 500 fell about 33.9% between those dates, entering bear-market territory with exceptional speed.

The decline reflected the rapid global spread of COVID-19, lockdowns, business closures, travel restrictions, and fears about economic damage. Massive fiscal support, central-bank action, and hopes for vaccines helped markets rebound quickly, although the real economy remained under severe pressure.

The 2020 episode is often compared with the much longer bear markets after the dot-com bubble and the global financial crisis. “Shortest” refers to the duration of the decline from peak to trough, not to the time needed for every part of the economy to recover.