2020 stock market crash  The 2020 stock market crash was a global stock market crash that began on 20 February 2020. On 12 February, the Dow Jones Industrial Average, the NASDAQ Composite, and S&P 500 Index all finished at record highs (while the NASDAQ and S&P 500 reached subsequent record highs on 19 February). From 24 to 28 February, stock markets worldwide reported their largest one-week declines since the 2008 financial crisis, thus entering a correction. Global markets into early March became extremely volatile, with large swings occurring in global markets. On 9 March, most global markets reported severe contractions, mainly in response to the COVID-19 pandemic and an oil price war between Russia and the OPEC countries led by Saudi Arabia. This became colloquially known as Black Monday. At the time, it was the worst drop since the Great Recession in 2008. Three days after Black Monday there was another drop, Black Thursday, where stocks across Europe and North America fell more than 9%. Wall Street experienced its largest single-day percentage drop since Black Monday in 1987, and the FTSE MIB of the Borsa Italiana fell nearly 17%, becoming the worst-hit market during Black Thursday. Despite a temporary rally on 13 March (with markets posting their best day since 2008), all three Wall Street indices fell more than 12% when markets re-opened on 16 March. At least one benchmark stock market index in all G7 countries and 14 of the G20 countries were declared to be in bear markets. During March 2020, global stocks saw a downturn of at least 25%, and 30% in most G20 nations. On 20 March, Goldman Sachs warned that the US GDP would shrink 29% by the end of the 2nd quarter of 2020, and that unemployment could skyrocket to at least 9%. Australian Prime Minister Scott Morrison has called the looming economic crisis 'akin to the Great Depression'. On 26 May 2020, the Dow Jones Industrial Average eclipsed 25,000 points for the first time since the previous March, and by the beginning of the following month, the S&P 500 eclipsed its 200-day moving average while the NASDAQ-100 rallied 42% from the three indices most recent local minimum on 23 March. The rally was motivated by news of potential coronavirus vaccines and economic recovery, but many economists have warned that it could be a "bear market trap" and in June, long-short momentum will plummet at similar levels seen in 2002 and 2008 and that global markets could continue to crash into July.