(CNBC) -- Stocks dropped on Monday, the first trading day of 2021, amid concerns about global coronavirus cases and the Georgia runoff elections.
The Dow Jones Industrial Average closed 382.59 points lower, or 1.3%, at 30,223.89. At one point, the Dow was down more than 700 points. Monday marked the first negative start to a year for the Dow since 2016.
The S&P 500 dipped 1.5% to 3,700.65. The Nasdaq Composite 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.
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