Stocks fall on fears of new virus strain

Stocks fell on Wall Street on Monday, giving back some of their recent gains, as a new, potentially more infectious strain of the coronavirus in Britain raised worries that the global economy could be in for even more punishment.

The Standard & Poor’s 500 index lost 0.4%, it’s second straight decline after climbing to an all- time high Thursday.

The benchmark index pared its loss as the day progressed, however, recovering from an earlier 2% drop. Treasury yields mostly fell, a sign that investors are worried about the economy. Crude oil prices fell on worries about disappearing demand.

The selling came on a busy day of trading, with plenty of forces pushing and pulling the market.

News of a new and potentially more infectious strain of the coronavirus has countries around the world restricting travel from the United Kingdom. That has traders worried about the possible economic consequences should it spread to other countries or prove resistant to vaccines now being distributed.

The S& P 500 fell 14.49 points to 3,694.92. The Dow Jones industrial average rose 37.40 points, or 0.1%, to 30,216.45 after erasing an earlier 423- point loss. The Nasdaq composite slipped 13.12 points, or 0.1%, to 12,742.52.

Encouraging news out of Washington helped keep the selling in check. Congress finally appeared set to act on a $ 900- billion relief effort for the economy. On Monday night, the House and Senate voted to approve the deal, which includes $ 600 in cash payments to most Americans, extra benefits for laidoff workers and other f inancial support.

The yield on the 10- year Treasury held steady at 0.93%.