What Happened to Markets After Two Consecutive Days of Sharp Declines?

Steep declines are deeply unsettling, but investors who’ve stayed the course have historically recouped losses quickly.

10 Worst 2-Day Declines for the S&P 500 Index and Recoveries

Event	Dates	2-Day Fall (%)	Days to Recover	S&P 500 Index Returns (%)
Event	Dates	2-Day Fall (%)	Days to Recover	1 Yr	3 Yrs	5 Yrs
Black Monday	10/16-10/19/87	-24.6	481	23.2	11.6	13.0
Day After Black Monday	10/19-10/20/87	-16.2	370	19.4	9.7	11.9
COVID-19 Pandemic	3/11-3/12/20	-13.9	50	59.0	15.9	17.7
Global Financial Crisis	11/19-11/20/08	-12.4	8	45.0	17.4	18.8
Trump Tariff Fallout	4/3-4/4/25	-10.5	???	???	???	???
Global Financial Crisis	11/5-11/6/08	-10.0	276	18.2	11.5	14.4
Global Financial Crisis	10/14-10/15/08	-9.5	22	20.8	10.5	13.3
Global Financial Crisis	10/6-10/7/08	-9.4	409	6.2	5.1	11.0
COVID-19 Pandemic	3/6-3/9/20	-9.2	83	41.1	12.6	16.0
Global Financial Crisis	10/21-10/22/08	-9.0	15	21.9	11.4	14.4
		-12.5	190	28.3	11.7	14.5

As of 4/8/25. Past performance does not guarantee future results. Data is for the S&P 500 Index, which is a market capitalization-weighted price index composed of 500 widely held common stocks, and does not include reinvestment of dividend payments. Indices are unmanaged and not available for direct investment. S&P 500 Index returns in the last three columns are calculated beginning with the first business day after the end date in column 2. Days to recover is the number of days it took for stocks to recover to the Index level the business day before the first date listed in column 2. Data Sources: Morningstar, Ned Davis Research, and Hartford Funds, 4/25.

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