The Dow Jones Industrial Average fell 2,997 points on March 16, 2020, during the COVID-19 market crash.
The decline was about 12.9%, making it the Dow’s largest one-day point loss at that time. Investors were reacting to the rapidly spreading COVID-19 pandemic, travel restrictions, business shutdowns, and fears of a severe global recession. The day also reflected continuing turmoil in oil markets and uncertainty about government responses.
U.S. stock exchanges experienced several trading halts in March 2020. Circuit breakers temporarily paused trading when indexes fell by specified percentages, a mechanism designed to give participants time to assess extraordinary moves. The Dow reached its 2020 closing low on March 23 before beginning a powerful rebound.
March 9, March 12, and March 23 were also major dates in the crash, which makes them common alternatives. March 16 is the precise date tied to the 2,997-point Dow decline. The episode was unusually fast: after reaching a record closing high on February 12, the Dow entered a bear market in March.