Markets January 2

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November construction spending rose 0.1% (consensus -0.4%). Separately, the ISM Index, a national survey of purchasing managers, dropped to 47.7 from a prior reading of 50.8. Economists expected a reading of 50.5. Stocks were trading at the unchanged mark, but quickly fell into the red after the disappointing ISM report. Eight of the ten economic sectors are in negative territory.....Dow -120 Points, Naz -18.42, S&P -11.07, NDX -8.08 rtq (real time quotes)

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Recovery efforts are short-lived as the S&P trades near its session low, and the Nasdaq Composite extends its losses. The weak ISM data continue to weigh on the stock market. Nine of the ten economic sectors are posting a loss, with energy (+0.3%) managing to buck the trend as crude oil (+2.1%) holds its gains.....Dow -151.41 Points, Naz -33.33, S&P -15.56, NDX -24.79 rtq.

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The stock market continues its broad-base selling..all three major indices posting a loss now in excess of 1%......Dow -182.56, Naz -46.67, S&P -19.50, NDX -38.55 rtq.

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Naz extends slide back to its 200 sma at 2612, its 200 ema is at 2605...currently 2,611.28

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The S&P is down 1.38% to 1448, the Dow is down 1.44% to 13074, and the Nasdaq is down 1.77% to 2605.

- Leading sectors include: Gold +6.3%, Oil & Gas Exploration +1.8%, Coal & Consumable Fuels +1.6%, Oil & Gas Equipment +1.3%, and il & Gas Drilling +1.1%.

- Lagging sectors include: Tires & Rubbers -4.7%, IT Consulting & Services -4.5%, Semiconductors -4.3%, Home Furnishings -4.0%, and Steel -4.0%.

The morning action has come on below average volume (NYSE 479 mln, vs midday avg at 562 mln; NASDAQ 806 mln, vs 857 mln avg).