The global stock-market crash that began in February 2020 as COVID-19 spread and economies moved toward lockdowns was the COVID-19 crash.
As governments and investors recognized the scale of the pandemic, expectations for travel, trade, employment, and corporate earnings deteriorated rapidly. Major stock indexes fell at exceptional speed during February and March 2020.
The S&P 500 entered a bear market on March 12 and reached its pandemic-era low on March 23, after losing about 34 percent from its February peak. Volatility was extreme, and several U.S. trading halts were triggered by large intraday declines.
Central-bank support, government relief programs, and later optimism about vaccines helped markets rebound. The crash is distinct from the COVID-19 recession: one describes the market shock, while the other describes the broader economic contraction.