Learn the stock market › Stock market crashes in history › Lesson 5 of 7
The 2020 stock market crash
What happened
On March 11, 2020 the World Health Organization said COVID-19 could be characterized as a pandemic. Market-wide trading halts in the US were triggered four times that month, on March 9, 12, 16 and 18. Those rules came after 1987.
| Date | In one day |
|---|---|
| Mar 16, 2020 | −12.0% |
| Mar 12, 2020 | −9.5% |
| Mar 9, 2020 | −7.6% |
| Mar 13, 2020 | +9.3% |
| Mar 17, 2020 | +6.0% |
| Mar 10, 2020 | +4.9% |
Large falls and large rises came in turn, sometimes a day apart.
How fast it went
S&P 500, 2019–2020
S&P 500The high before the crash
| What | Date | S&P 500 |
|---|---|---|
| The high | Feb 19, 2020 | 3386.15 points |
| First close 20% below | Mar 12, 2020 | −20% |
| The low | Mar 23, 2020 | −33.9% |
| Back at the high | Aug 18, 2020 | just under six months |
From the high to the first close 20% below took three weeks. None of the twelve crashes in our history since 1928 went that fast.
The way back to the high is also the shortest of them all, at just under six months. The median has been two years.
Counted from the first close 20% below the high, the index stood +59.0% a year later.
The companies
From the S&P 500's high to its low, dividends included.
| Company | From the index's high to its low |
|---|---|
| Tesla | −52.7% |
| Exxon Mobil | −47.9% |
| JPMorgan Chase | −42.5% |
| Mastercard | −41.0% |
| Walmart | −2.5% |
| Netflix | −6.7% |
| Costco | −11.6% |
The median of the 19 companies fell 30.7%. The most was Tesla at −52.7%, and the least Walmart at −2.5%.
What the Federal Reserve did
It cut its rate to 0–0.25 percent on March 15. Prices alone can't show how much that mattered for the turn.
What has followed large one-day falls is in the study of one-day falls.
Test yourself
How many market-wide trading halts were there in the US in March 2020?
The index leaves out dividends. Closes through Nov 6, 2026.
Sources
- WHO, Director-General's opening remarks, March 11, 2020, read November 5, 2026.
- Optiver, 5 things you should know about market-wide circuit breakers, read November 5, 2026.
- Federal Reserve, statement of March 15, 2020, read November 5, 2026.