NEW YORK, Jan 4 (Reuters) - The Nasdaq composite index briefly fell more than 1 percent while the Dow and S&P 500 extended losses in afternoon trading on Tuesday, with the S&P 500 weighed down by materials and energy shares following declines in commodity prices.
The Dow Jones industrial average dipped 27.93 points, or 0.24 percent, to 11,642.82. The Standard & Poor's 500 Index dropped 8.28 points, or 0.65 percent, to 1,263.59. The Nasdaq Composite Index fell 24.77 points, or 0.92 percent, to 2,666.75, after declining more than 1 percent. (Reporting by Caroline Valetkevitch; Editing by Kenneth Barry)