Stocks fall as trading starts for year of great expectations

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NEW YORK (AP) – U.S. stocks are falling from their record highs Monday, as trading gets underway in a year where the dominant expectation is for a powerful economic rebound to eventually sweep the world.

The S&P 500 was 2.1% lower in afternoon trading, after earlier flipping from small gains to losses.

Coronavirus cases keep climbing at frightening rates around the world, threatening to bring more economy-punishing lockdown orders.

Optimism was more prevalent in other markets.

Most European and Asian stock indexes were higher, while Treasury yields climbed in a signal of rising expectations for economic growth and inflation.

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