On February 19, 2020, the index hit a new closing peak of 3,386.15, only to fall 10% in the next 6 trading days, its fastest drop from a new peak. By the 2020 stock market crash low on March 23, 2020, the index had fallen 34% from its peak. The index fell 20% during the first quarter of 2020, its worst quarter since 2008. This was followed by a 20% gain in the second quarter, its biggest quarterly gain since 1998. It recovered from its COVID-19 crash over a 6 month span and reached a new record on August 18, 2020. In the following months the index reached several all-time highs. On February 8, 2021, the index closed above 3,900 for the first time.