Which U.S. market crash began after a pandemic-driven sell-off in February 2020?

The COVID-19 crash was the U.S. market collapse that began after a pandemic-driven sell-off in February 2020.

The S&P 500 reached a record closing high on 19 February 2020. As COVID-19 spread internationally, investors rapidly repriced expectations for travel, supply chains, employment, and corporate earnings. The index entered a bear market on 12 March and reached its first pandemic-era closing low on 23 March, after an exceptionally fast decline.

The shock was unusual because it combined a public-health emergency with an abrupt economic shutdown. Central banks cut interest rates and expanded asset purchases, while governments introduced large fiscal support programs. Markets then recovered rapidly, although the pandemic caused severe disruption and later contributed to inflation and supply shortages.

The COVID-19 crash is distinct from the 2008 financial crisis. The 2020 downturn began outside the financial system, even though it produced major financial-market stress and emergency intervention.