US stocks drift on conflicting economic news

NEW YORK (AP) — Stocks are little changed in midday trading as investors sort through conflicting economic news from the U.S. and China.

China's manufacturing contracted in April for the fourth straight month, but the pace of decline was less severe. In the U.S., the service sector expanded last month. Pfizer fell 2 percent after the drug company said its first-quarter profit dropped 15 percent despite sharp cost-cutting.

The Dow Jones industrial average edged up two points to 16,515 as of noon Eastern time Monday. The Standard & Poor's 500 index rose a point to 1,882. The Nasdaq composite edged up five points to 4,128.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.61 percent.

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