ISM worse, pending sales better
Meanwhile, the Institute for Supply Management's manufacturing index slumped to 49.3 in January from 51.4 in December. That was below the 51.7 forecast. Among the sub-indices, new orders dipped a bit (to 50.3 from 51.9)... production dipped a bit more (to 49.6 from 52.4) ... employment was stable (49.5 vs. 49.4) ... and prices paid were up a fair amount (to 53 from 47.5).
Early reaction: Bonds are giving up early gains on the housing bounce and the elevated prices paid index. Stocks are still up, but not as much as they were earlier. And the dollar has bounced.