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  • The Dow Jones Industrial Average lost 382.59 points, or 1.25%, to 30,223.89.
  • The S&P 500 SPX fell 55.42 points, or 1.48%, to 3,700.65.
  • The Nasdaq Composite lost 189.84 points, or 1.47%, to 12,698.45.

US stocks were falling at the start of the year while investors watched two Senate runoff elections in Georgia and ultimately showed their concerns over the soaring COVID-19 infections which forced the UK to impose nationwide lockdowns.

The Dow Jones Industrial Average lost 382.59 points, or 1.25%, to 30,223.89, the S&P 500 SPX fell 55.42 points, or 1.48%, to 3,700.65 and the Nasdaq Composite lost 189.84 points, or 1.47%, to 12,698.45.

The S&P 500 and the Dow posted their largest daily percentage falls since late October, while the Nasdaq had its biggest loss since Dec. 9.

The races in Georgia are important for t the stock market as they will determine whether or not the  Republicans will remain in control of the senate.

The opinion polls showing a narrow race and if there is a sweeping Democratic victory, the implications for the benchmarks could be catastrophic considering the tax upheaval ramifications as well as increased government spending.

Meanwhile, UK Prime Minister Boris Johnson said in a national address, “it is clear that we need to do more to bring this new variant under control”

“That means the government is once again instructing you to stay at home.”

As for performers, industrials last around 2.6%, led lower by Boeing’s (BA ) 5.3% loss.

Despite the prospects of additional lockdowns, tech fell almost 1.8%, pushed down by Apple’s (AAPL ) 2.4% fall, Microsoft’s (MSFT )2.1% decline, and International Business Machine’s (IBM ) 1.5% slide.