When was the last bear market, and did a crash start it?
The essentials in 30 seconds
- The most recent S&P 500 bear market in the sources checked ran from 3 January 2022 to October 2022, a fall of 25%.
- The 2020 bear market began with a crash: the Dow entered a bear market on 11 March 2020.
- The 2007 to 2009 bear market cut the Dow 54% to 6,469, with a crash week in October 2008.
- Only 1 of the 3 recent bear markets was started by a crash.
- EQOS Asia supports decision makers in Singapore, ASEAN, and Hong Kong.
When was the last bear market, and did a crash start it? The sources checked for this page, as of October 2026, give three recent episodes: 2007 to 2009, 2020, and 2022. Each has a date, a size, and a different shape. This page is a detailed page under Bear market and stock market crash, within the Stock market crash hub, and it ends with a method to date the next one yourself.
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When was the last bear market for the S&P 500?
In the sources checked, the most recent S&P 500 bear market ran through 2022. The index peaked at 4,796 on 3 January 2022 and fell 25% to its low for the year in October. Later data may add new episodes, so confirm the date on your own index. Keeping the dates in a table makes the next update quick.
The bear label requires a fall of 20% or more lasting at least two months, so the answer depends on the index and the method. An index of large US companies may cross the line when a broader or narrower index stays above it. State both choices, and you will reach a result that others can check.
What opened the 2022 bear market, and did a crash play a part?
No single crash day opened 2022. The S&P 500 fell 21% in the first 6 months, the worst start to a year since 1970, and a news report on 14 June 2022 cited by Wikipedia said stocks had officially entered bear market territory. That date came about five months after the peak, so the entry was gradual.
The largest single-day drop was 4.32%, on 13 September 2022. That size is large for one session and well below the falls of crash days in 1987 or 2020. The 2022 episode is therefore a bear market built from steady pressure and frequent rallies, with no crash at its start.
How fast did the 2020 stock market crash turn into a bear market?
Yes. The 2020 crash began on 20 February and ended on 7 April, according to Wikipedia. The S&P 500 needed about 6 days to move from its high into correction territory, and the Dow entered a bear market on 11 March 2020, about 20% below its record high. Four circuit breaker halts followed on 9, 12, 16, and 18 March.
The Dow fell 9.99% on 12 March and 12.93% on 16 March. US indices did not return to January 2020 levels until November 2020. The case is the fastest recent example of a crash that opened a bear market, and the recovery was also fast against the 13-month average length of bear markets.
Where did a stock market crash sit in the 2007 to 2009 bear market?
The 2007 to 2009 bear market did not start with a crash. The Dow peaked on 9 October 2007 and fell 54% to 6,469 by 6 March 2009, a slide of about 17 months. The first phase was gradual, and the credit problems of the financial crisis grew over time.
A crash arrived inside the bear market. From 6 to 10 October 2008 the Dow fell more than 1,874 points, or 18%, its worst weekly decline on record. This case shows a bear market that contained a crash week. The page on the 2008 financial crisis in this series covers the causes in depth.
Was the April 2025 fall a bear market or only a correction?
Sources differ, which makes the case instructive. Wikipedia records that the S&P 500 declined 18.9% from 19 February to 8 April 2025 and then reached a new high on 27 June 2025. That fall stayed below the 20% line. Another Wikipedia page mentions that the US market entered bear territory in April 2025.
The gap comes from index and method. A different index, or an intraday measure, can cross 20% when the S&P 500 closing measure does not. For this reason the page treats April 2025 as a correction on the S&P 500 closing basis and as a reminder to name your index and your rule.
How often does a stock market crash start a bear market?
Among the three recent episodes, one began with a crash. The 2020 bear market opened with fast falls, the 2022 bear market formed gradually, and the 2007 to 2009 bear market opened gradually and held a crash week later. The 1929 bear market also began with a crash, and the Dow lost 89% by July 1932.
Three or four cases do not form a statistic, so treat the pattern as a map. It shows that the two events are separate, and that watching only for crash days would have missed 2022. Watching depth and duration alongside speed gives a more complete picture of risk. Each episode also differed in recovery: 2020 regained January levels within months, while the 1929 slide took until July 1932 to reach its low.
How can you date the last bear market on your own index?
Use closing prices. Find each closing high, measure the later low, and keep the episodes that fell 20% or more for at least two months. Write the start date, the low date, the percentage, and whether the fall included a crash window of days. A small table of these facts answers the question for good.
This page is general information, not investment advice. If your decision involves exposure to several markets, a 30-minute pre-diagnostic with EQOS Asia applies one structural score across them, so the dated history you built becomes a reference for a forward-looking view.
See also in this guide
Frequently asked questions
When was the last bear market?
In the sources checked, the most recent S&P 500 bear market ran from the 3 January 2022 peak of 4,796 to an October 2022 low, a fall of 25%. Confirm later episodes on your own index, using closing prices and the 20% rule.
Did a stock market crash start the last bear market?
No. The 2022 bear market formed gradually, with a fall of 21% in the first 6 months and a largest single-day drop of 4.32%. The 2020 bear market, by contrast, began with a crash that ran from 20 February to 7 April.
How many bear markets began with a stock market crash recently?
Of three recent episodes, 2020 began with a crash, 2022 formed gradually, and 2007 to 2009 held a crash week inside the slide. The count is small, so use it as a map rather than a statistic.
Why do sources disagree on whether April 2025 was a bear market?
The difference comes from index and method. The S&P 500 fell 18.9% from 19 February to 8 April 2025 on a closing basis, below the 20% line, while another measure can cross it. Name your index and rule, and the answer becomes repeatable.
Test your knowledge
1. From which peak did the 2022 S&P 500 bear market start?
- 4,796 on 3 January 2022
- 336.77 in 1989
- 6,469 in 2009
Show the answer
4,796 on 3 January 2022.
2. Which recent bear market began with a crash?
- 2022
- 2020
- 2007 to 2009
Show the answer
2020.
3. How far did the Dow fall from 9 October 2007 to 6 March 2009?
- 54%
- 5%
- 14%
Show the answer
54%.
4. What was the largest single-day S&P 500 drop in 2022?
- 22.6%
- 12.93%
- 4.32%
Show the answer
4.32%.
5. What explains differing answers about April 2025?
- A change in law
- Index and method
- A new currency
Show the answer
Index and method.
About the author
Stéphane Jambu
President, EQOS Forecast Asia
Stéphane Jambu leads EQOS Forecast Asia and works as a consultant in e-commerce, search visibility, and AI. LinkedIn profile
Sources: EQOS Asia contact page (eqos-asia.com/contact.html), 2022 stock market decline (en.wikipedia.org/wiki/2022_stock_market_decline), 2020 stock market crash (en.wikipedia.org/wiki/2020_stock_market_crash), Stock market crash (en.wikipedia.org/wiki/Stock_market_crash), Market trend (en.wikipedia.org/wiki/Market_trend), Market correction (en.wikipedia.org/wiki/Market_correction), consulted on 22 October 2026. Page updated on 22 October 2026.