March 12, 2020 marked the S&P 500’s entry into a bear market during the COVID-19 market crash.
On that day, the S&P 500 closed more than 20% below its record closing high from February 19, 2020. That decline met the standard market definition of a bear market, which is generally a fall of at least 20% from a recent peak.
The crash unfolded as the COVID-19 pandemic spread internationally. Travel restrictions, business closures, uncertainty about economic activity, and stress in credit and oil markets drove exceptionally large daily moves. The U.S. Federal Reserve and governments later introduced major support programs.
March 12 is not the same as March 16, when the S&P 500 suffered another historic one-day percentage loss. Both dates were major points in the same crash, but they represent different milestones.