Stocks edge lower; Pfizer weighs down the Dow

NEW YORK (AP) — Stock prices are opening mostly lower on Wall Street as weak earnings from Pfizer and other companies drag down major market averages.

The Dow Jones industrial average fell 48 points to 14,770 shortly after the opening bell Tuesday, a loss of 0.4 percent.

Pfizer was among the biggest decliners in the Dow after the drugmaker’s results fell short of what Wall Street analysts were expecting. Pfizer also cut its profit forecast for 2013. Pfizer’s stock fell 80 cents, or 2.6 percent, to $29.63.

The Standard & Poor’s 500 index was down three points, or 0.2 percent, to 1,590. The S&P closed at a record high the day before.

The Nasdaq composite index was up half a point, or 0.01 percent, at 3,307.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s