Which 2020 crash caused the S&P 500 to fall about 34% from its February peak to its March low?

The COVID-19 stock market crash caused the S&P 500 to fall about 34% from its 19 February 2020 peak to its 23 March 2020 low. The decline was driven by the rapid global spread of COVID-19, emergency restrictions on economic activity, uncertainty about business earnings, and a sharp deterioration in financial conditions.

The sell-off was unusually fast. The S&P 500 entered a bear market on 12 March 2020, after falling at least 20% from its recent high. Major U.S. exchanges triggered several temporary circuit breakers in March, pausing trading after large intraday declines. Oil-market tensions also added pressure during the early phase of the turmoil.

Governments and central banks responded with large fiscal and monetary measures. The Federal Reserve cut interest rates, restarted asset-purchase programs, and introduced emergency lending facilities. Stock prices then rebounded strongly, although the economic damage and uneven effects of the pandemic continued. The crash is distinct from the longer COVID-19 recession.