US STOCKS-Wall St drops more than 1 pct as growth fears resurface
* Chinese factory activity shrinks for 14th straight month
* Energy, bank stocks drag
* AIG falls after missing estimates for 3rd straight quarter
* Pfizer higher after reporting rise in quarterly profit
* Indexes down: Dow 1.03 pct, S&P 1.11 pct, Nasdaq 1.23 pct (Adds details, changes comment, updates prices)
By Tanya Agrawal
May 3 (Reuters) - Wall Street was sharply lower, with the three major indexes falling more than 1 percent in late morning trading on Tuesday, after weak economic data out of China and Europe rekindled fears of a slowing global economy.
Activity at China's factories shrank for the 14th straight month in April as demand stagnated, a private survey showed. Britain's manufacturing output also unexpectedly shrank to hit its lowest level in three years last month.
Adding to the downward pressure, oil prices dropped about 2 percent as rising output from the Middle East renewed concerns about global oversupply. Continuación...