Concerns Greece could leave the Eurozone and falling oil prices weighed on global stocks.

The Dow Jones Industrial Average declined 1.86% to 17,501.65 points on Monday, while the S&P 500 decreased 1.83% to 2,020.58 points. There were released no major economic reports in the U.S. yesterday.

Europe's stock indices declined for a third day.

UK's FTSE 100 index was down 1.07% to 6,348.33 points. Germany's DAX 30 declined 0.19% to 9,455.23 points, while France's CAC 40 fell 0.43% to 4,093.72.

Concerns over the economy in the Eurozone and political uncertainty in Greece. Yesterday's inflation data from the Eurozone showed that German preliminary consumer price index decreased to 0.2% in December from 0.6% in November, missing forecasts for a decline to 0.4%. That was the lowest level since October 2009.

Investors speculate that the European Central Bank could decide on its policy meeting on January 22 to purchase government bonds.

There is also speculation that Greece could leave the Eurozone. Greeks will elect new parliament later this month. If a left-wing government wins Greek parliament elections, it may cancel austerity measures and may renegotiate Greece's debt.

Hong Kong's Hang Seng fell 0.99% to 23,485.41, China's Shanghai Composite rose 0.07% to 3,353.01. The Chinese HSBC services purchasing managers' index increased to 53.4 in December from 53.0 in November.

Chinese stocks were supported by speculation Shenzhen will be added to a share trading link between Shanghai and Hong Kong stock exchanges.

Japan's Nikkei dropped 3.02% to 16,883.19 due to falling prices and concerns over the Eurozone's economy. That was the biggest drop of Japanese stock index in nearly 10 months.

A stronger yen weighed on exporters' shares. The yen strengthened due to risk aversion.

Japan's monetary base increased 38.2% in December, beating expectations for a 34.3% rise, after a 36.7% gain in November.