Which U.S. market index entered a bear market first during the 2020 COVID-19 crash?

The Dow Jones Industrial Average entered a bear market first among the major U.S. stock indexes during the 2020 COVID-19 crash.

The Dow entered bear-market territory on March 11, 2020, after closing more than 20 percent below its February 12 record. The S&P 500 followed on March 12, while the Nasdaq Composite entered bear-market territory on March 16. These dates reflect closing levels rather than intraday prices.

The crash followed the global spread of COVID-19, travel restrictions, business shutdowns, supply disruptions, and a sudden collapse in expectations for economic activity. An oil-price dispute between Saudi Arabia and Russia added pressure during the early phase.

The decline was unusually fast, but so was the subsequent rebound. The Federal Reserve cut rates, expanded emergency lending, and purchased securities, while governments introduced large fiscal-support programs. “First” can vary if someone uses intraday data or a different index, so the standard comparison uses official closing levels for these major U.S. benchmarks.