Stocks begin 2021 with a sell-off, Dow drops more than 300 points

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Stocks tumbled to kick off 2021, with the Dow closing lower on the first trading day of the year for the first time since 2016. The Dow fell 1.25%. The S&P 500 slid 1.48%. The Nasdaq dropped 1.47%.

also slid 1.5%, ending the day at 12,698.45. Both the Dow and S&P 500 hit record highs at the open before turning lower.

Monday's decline came as traders fretted over the growing number of coronavirus cases around the world and its potential impact on the global economic recovery.curb the spread of the new coronavirus variant Wall Street was also keeping an eye on Georgia as the state prepares for Senate runoff elections on Tuesday, which could give Democrats a majority in the chamber.

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