The S&P 500 fell 34% from its February 2020 peak during the COVID-19 market crash.
The index reached a record closing high on February 19, 2020, before fears about the coronavirus, business shutdowns, travel restrictions, and a global recession triggered a rapid sell-off. By March 23, the S&P 500 had fallen about 34% from its peak, marking one of the fastest bear-market declines in modern history.
The panic was intensified by an oil-price dispute between Saudi Arabia and Russia, which briefly pushed crude prices sharply lower. The Federal Reserve cut interest rates, restarted large-scale asset purchases, and introduced emergency lending programs. Governments also announced fiscal support.
Markets rebounded strongly after March 23 as policy support expanded and investors anticipated vaccines and economic reopening. The crash still caused severe real-world disruption, including unemployment, supply-chain problems, and a sharp contraction in economic activity. A market recovery did not mean the public-health crisis had ended.