The S&P 500 reached its lowest closing level of the COVID-19 stock-market crash on 23 March 2020.
The index closed at 2,237.40 that day, after global markets had fallen rapidly as the coronavirus spread and governments introduced travel restrictions, business closures, and stay-at-home measures. Investors feared a severe interruption to economic activity and a sharp decline in corporate earnings.
The crash followed an unusually long U.S. bull market. Between 19 February and 23 March 2020, the S&P 500 lost about 34% of its value. Trading was halted several times during the decline when pre-set thresholds were reached, giving the episode several widely reported “circuit breaker” pauses.
Markets then recovered quickly compared with many earlier crashes. Central-bank support, government fiscal programs, vaccine development, and expectations of economic reopening helped lift share prices. The market’s recovery did not mean the pandemic’s economic effects were minor; unemployment and output suffered severe short-term shocks.