U.S. stocks are closing lower Monday as big swings return to Wall Street to start a year when the dominant expectation is for a powerful economic rebound to sweep the world.

The S&P 500 was 1.5% lower at the close after earlier dropping as much as 2.5%.

The Dow Jones Industrial Average also fell from its record set last week.

Coronavirus cases keep climbing at frightening rates around the world, threatening to bring more lockdown orders that would punish the economy.

Tuesday's upcoming runoff elections to determine which party controls the Senate may also be contributing to the volatility.