What was the shortest U.S. bear market on record, lasting 33 days in early 2020?

The COVID-19 bear market was the shortest U.S. bear market on record, lasting 33 days in early 2020.

The S&P 500 entered bear-market territory on March 12, 2020, after falling at least 20% from its February 19 closing high. It reached its low on March 23, ending the bear market's 33-day duration by the standard closing-price definition.

The crash reflected the economic shock of the COVID-19 pandemic, rapid restrictions on movement, uncertainty about business activity, and a separate oil-price dispute. Central banks and governments introduced extensive monetary and fiscal measures, while many technology and stay-at-home companies later benefited from changing demand.

A bear market is usually defined as a decline of at least 20% from a recent closing high. The 33-day figure describes the S&P 500 episode, not every global market or every measure of the pandemic's economic damage. The recession itself lasted longer than the market's formal bear phase.