Feb. 8, 2010 (United Press International) -- NEW YORK, Feb. 8 (UPI) -- U.S. markets moved lower Monday as sovereign debt issues in Europe added to investor worries about the strength of the economic recovery. The Dow Jones industrial average, down 7.6 percent from Jan. 19, closed below 10,000 for the first time in three months, losing 103.84 points, 1.04 percent, to 9,908.39. Government debt in Greece, Spain and Portugal have added to concerns about debt elsewhere, including Japan and the United States. Investors also said a 10 percent market correction is overdue. "Every time you have a market run-up everybody goes, 'We need a 10 percent correction,' and as soon as the market drops 5 percent, you have everybody crying," said Keith Springer, president of Capital Financial Advisory Services, The Wall Street Journal reported. The Standard & Poor's 500 lost 0.89 percent, 9.45 points, to 1,056.74. The Nasdaq composite index shed 0.7 percent, 17.07 points, to 2,126.05. On the New York Stock Exchange, 1,077 stocks advanced and 1,957 declined on a volume of 4 billion shares traded. The benchmark 10-year U.S. Treasury bill rose 1/32 to yield 3.569 percent. The euro fell to $1.3651 from Friday's $1.3665. Against the yen, the dollar fell to 89.29 yen from Friday's 89.38 yen. In Japan, the Nikkei 225 index lost 1.05 percent, 105.27 points, also falling below 10,000 points at 9,951.82. In Britain, the FTSE 100 index added 0.62 percent, 31.41, to 5,092.33. WINDSOR, Ontario, Feb. 8 (UPI) -- A Canadian judge has granted class-action status to a lawsuit filed by employees against Ford Motor Co. (NYSE:F PRS) (NYSE:F PRA) (NYSE:F) for failing to add a work shift to an assembly plant. The suit says Ford had decided in April 2008 to add a third shift its Oakville, Ontario, factory, but then changed its mind and canceled the additional work just before the start date of July 28, 2008. In the interim, plaintiffs Gabriel Levesque, Brenda Austin and Mathew Beltrano and their attorneys claim many workers signed up for the work quit other jobs before they realized Ford was not going to follow up on the hiring. The lawsuit says Ford claimed a downturn in the market forced cancellation of the third shift, the Windsor (Ontario) Star reported Monday. Attorney David Thompson of the firm Scarfone Hawkins said the class-action status "will enhance access to justice for all affected individuals and will allow claims to be determined in an efficient and economic manner." Ford was not immediately available for comment, the Star said. TORRANCE, Calif., Feb. 8 (UPI) -- Consumer awareness of the problems at Japanese automaker Toyota Motor (NYSE:TM) Co. has reached 79 percent, a marketing research firm said. Ted Marzilli, senior vice president of YouGovPolimetrix, said awareness among U.S consumers of Toyota's massive vehicle recalls "is one of the highest levels in our experience." YouGovPolimetrix conducts a daily BrandIndex survey of 5,000 consumers, the Detroit Free Press reported Monday. Toyota faces congressional hearings on two massive recalls, one announced in October for gas pedals becoming entangled with floor mats and one in January for "sticking gas pedals" that allegedly caused some Toyotas to race out of control. "They're having a hard time getting this behind them," said Marzilli, who estimated it would take six months for Toyota to turn the negative publicity around. Toyota is scheduled to resume production in U.S. factories that had suspended work Jan. 26 until the sticking gas pedal issue could be resolved. "Toyota's situation needs to be remedied quickly and without future recalls. If they do, then it should have minimal impact to perceived quality," said ALG Chief Economist Matt Traylen. LONDONDERRY, Vt., Feb. 8 (UPI) -- Skiers at the Magic Mountain ski area in Londonderry, Vt., are halfway toward the goal of saving their humble ski resort, the mountain's president said. Jim Sullivan, president of Magic Mountain, is selling shares for $3,000 in an attempt to create a community-owned ski resort and save "the last standing area in Southern Vermont … that represents traditional Vermont skiing," The Boston Globe reported Monday. Sullivan has sold 146 shares and has to sell another 150 by Aug. 1 for the Magic Partnership to buy the mountain from the Nelson family that owns it, the newspaper said. The mountain has 40 trails, but fell behind its nearest competition by not spending money on snow-making equipment in the 1970s, the Globe said. A share of the mountain buys a vote in governance of the company and discounts on full season passes. "You get to continue skiing Magic Mountain," said Greg Williams, a frequent skier, who is selling T-shirts and bumper stickers to purchase three shares. The mountain was purchased eight years ago at a foreclosure auction by New York lawyer Larry Nelson, who died in 2009. "He wasn't just looking for a business venture. He did this because he loved Magic Mountain," his son John Nelson said.
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