US stocks drift mostly higher; weak results from Pfizer weigh on the Dow industrial average

By The Associated Press
May 01 2013 09:12 AM

CP23141103 — Traders gather at the post of Michael Smyth, center, on the floor of the New York Stock Exchange Tuesday, April 30, 2013. Stock prices are opening mostly lower on Wall Street as weak earnings from Pfizer and other companies drag down major market averages. (AP Photo/Richard Drew)

NEW YORK, N.Y. – The stock market is lower at midday on more evidence of a slowing U.S. economy.

The Dow Jones industrial average is down 57 points to 14,781 as of 11:51 a.m. Eastern time. The Standard & Poor’s 500 index is off six points at 1,591. The Nasdaq has fallen 13 points to 3,315.

U.S. factory activity last month dropped to its slowest pace this year. Companies added the fewest jobs in seven months in April.

Home security company ADT Corp. fell $2.34 to $41.31 after its quarterly profit didn’t live up to analysts’ hopes. That drop helped push down the S&P 500.

Investors are waiting for news from the Federal Reserve, which will publish a statement later Wednesday.

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