Stocks Opened Lower on Concerns over New Virus Strain in UK

U.S. stocks opened lower on Monday, tracking declines in European and Asian equities, as concerns mounted over a new infectious strain of the coronavirus identified in the UK. The Dow Jones Industrial Average lately fell 162.09 points, or 0.54%, to 30,016.96. The S&P 500 retreated 30.77 points, or 0.54%, to 30,016.96. The Nasdaq Composite lost 80.67 points, or 0.63%, to 12,674.97.

Oil prices fell sharply on Monday, amid concerns a more infectious strain of COVID-19 discovered in the U.K. could pose another hurdle for demand of the commodity. West Texas Intermediate crude for January delivery slid $2.84, or 5.7%, to $46.27 a barrel.February Brent crude slid $3, or 5.8%, to $49.25 a barrel.

Populous parts of the UK including London went back into a more draconian state of lockdown over the weekend, after the discovery of a new variant of COVID-19 said by experts to be 70% more transmittable than the earlier version of the virus in the country.