Stocks fall on more evidence of slowing economy

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Associated Press

Posted on May 1, 2013 at 12:02 PM

NEW YORK (AP) — 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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