The U.S. stock market got 2014 off to a weak start Thursday. Major indexes fell after ending last year at record levels. Trading has been quiet this week with many investors on vacation. The Dow Jones industrial average fell 130 points, or 0.8 percent, to 16,446 while the Standard & Poor's 500 index dropped 16 points, or 0.9 percent, to 1,831. The Nasdaq composite fell 38 points, or 0.9 percent, to 4,137 by midday.
The woes of Fisker Automotive, the electric car startup that filed for bankruptcy late last year after a series of insurmountable problems, don't look like stopping any time soon. Investor group Atlas Capital Management LP is suing Fisker co-founder Henrik Fisker as well as several former directors over $2 million in losses it sustained when the startup went bankrupt. according to Bloomberg. Fisker misled Atlas over its financial status when the company invested in the electric automaker--including problems with Department of Energy loans and keeping secret a 2011 safety recall.
Stocks are down on Thursday as investors greet the first trading day of the new year. The Dow Jones industrial average, Standard & Poor's 500 index and Nasdaq composite were all down 0.3% or more just after the opening bell.