The S&P 500's record closing high immediately before the 2020 COVID-19 market crash occurred on February 19, 2020.
The index closed at 3,386.15 that day after reaching a record high during a long expansion. As evidence of the novel coronavirus spread beyond China and governments began restricting travel and activity, investors rapidly reassessed corporate earnings, economic growth, and financial risk.
The S&P 500 then entered a bear market at extraordinary speed. It fell more than 30% from its February peak to its March low, while other major indexes and commodity markets also suffered sharp declines. Central-bank actions, government support, and changing expectations about the pandemic later contributed to a powerful rebound.
February 19 is sometimes confused with March 9, the first of several dramatic one-day declines, or March 23, the eventual closing low for the S&P 500. The February date identifies the pre-crash peak, not the bottom.