Stocks fall on weak earnings from Pfizer, Clorox

NEW YORK (AP) — The earnings rally of the last two weeks is waning.

The parade of stronger-than-expected earnings reports slowed today after Pfizer, Clorox and Molson Coors reported weak earnings.

Pfizer’s shares slid 3 percent after the company reduced its revenue forecast for 2011. Clorox and Molson Coors each fell about 4 percent after they reported lower net income than the same period last year. The consumer goods maker and beverage company both blamed higher costs for raw materials for the decline.

The Dow Jones industrial average is up 26 points, or 0.2 percent, at 12,834 in midday trading.

The S&P 500 is down 2, or 0.1 percent, at 1,360. The Nasdaq composite is down 15, or 0.5 percent, at 2,849.

Bond prices are rising, sending yields lower.