The COVID-19 pandemic triggered the fastest bear-market entry in U.S. stock-market history in March 2020.
As the coronavirus spread internationally, governments imposed travel restrictions, business closures, and stay-at-home measures. Investors rapidly reassessed corporate earnings, employment, supply chains, and the prospects for economic activity. The S&P 500 entered a bear market on March 12, 2020, after reaching its February record.
The crash included four trading halts in the United States between March 9 and March 16. On March 16, the S&P 500 fell 11.98 percent, one of its largest single-day declines. Central banks and governments responded with emergency interest-rate cuts, asset purchases, fiscal programs, and public-health measures.
The market recovery was unusually rapid compared with many earlier crashes, although economic damage was severe. The event is distinct from the 2008 crisis: COVID-19 began as a public-health emergency, while the earlier crash centered on housing finance and banking-system stress.