U.S. Stocks Inch Higher on Upbeat China Data; Pfizer Shares Slip on Lackluster Outlook

U.S. stocks kicked off the first trading session of the month slightly higher as fresh data helped to calm fears of an economic downturn in China. The official purchasing managers' index in the world's second largest economy rose to 51.2 in October, compared to 50.4 in September - its highest level in two years. Readings above 50 signal a growing manufacturing sector. Pfizer (PFE) - Get Report shares slipped after reporting a lower-than-expected outlook. The drug maker expects full year earnings to range between $2.38 and $2.43 a share, while analysts were expecting $2.46. Pfizer is also halting work on a cholesterol drug it was developing. BP (BP) - Get Report shares were in focus after posting a 35% increase in third quarter profit, lifted by rigorous cost cutting. The company lowered its 2017 capital expenditure guidance. TheStreet's Scott Gamm reports from Wall Street.