Summary In 40 minutes trade, Dow Jones Industrial Average dropped 65.98 (0.45 percent) to 14,752.77.
NEW YORK (AFP) - US stocks moved lower Tuesday despite a solid housing report after a disappointing earnings from Dow member Pfizer dampened sentiment.
About 40 minutes into trade, the Dow Jones Industrial Average dropped 65.98 (0.45 percent) to 14,752.77.
The broad-based S&P 500 gave up 5.30 (0.33 percent) at 1,588.31, while the tech-rich Nasdaq Composite Index slipped 3.20 (0.10 percent) to 3,303.82.
The monthly Case-Shiller index of city housing prices showed that prices rose a seasonally adjusted 1.2 percent in the 20 biggest urban markets, a fresh sign of recovery in the housing market.
Traders were also looking ahead to the start later in the day of a two-day Federal Reserve monetary policy meeting. The Federal Open Market Committee was expected to maintain the central bank s aggressive stimulus measures.
Sentiment took a hit from pharmaceutical giant Pfizer, which reported a 53 percent increase in profits but missed earnings expectations and slashed its full-year earnings forecast.
Pfizer fell 2.9 percent. The company also reported a 9.0 percent decline in year-over-year revenues.
Health insurer Aetna gained 2.0 percent after it reported higher membership and bumped up its 2013 operating earnings forecast.
Electronics retailer Best Buy soared 9.8 percent after announcing the sale of its joint stake in Best Buy Europe to partner Carphone Warehouse.
Express Scripts gained 1.2 percent after reporting higher earnings and profits following its Medco transaction. The company also boosted its 2013 profit forecast.
Gold and copper producer Newmont Mining fell 6.4 percent after reporting lower production. Gold output fell more than 13 percent from the same period last year.
Media company Thomson Reuters dropped 2.7 percent after reporting a $31 million quarterly loss, partly on $78 million in severance expenses.
Bond prices rose. The yield on the 10-year Treasury fell to 1.65 percent from 1.67 percent late Monday, while the yield on the 30-year bond slipped to 2.86 percent from 2.87 percent. Bond prices and yields move inversely.
