The 2020 bear market was the shortest official U.S. bear market on record, lasting about one month.
The COVID-19 pandemic caused extraordinary uncertainty as countries introduced travel restrictions, business closures, and other public-health measures. The S&P 500 entered a bear market on March 12, 2020, after falling at least 20% from its February record close. It reached its low on March 23, then recovered rapidly.
The Federal Reserve cut interest rates to near zero, restarted large-scale asset purchases, and introduced emergency lending programs. Governments also passed major fiscal-support measures. These responses, along with changing expectations about vaccines and reopening, helped drive the rebound, although economic damage remained severe in many sectors.
The crash included four U.S. trading halts in March under market circuit-breaker rules. “Shortest” refers to the duration of the bear-market phase, not the size of the initial daily losses or the complete economic effects of the pandemic.