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US stocks mostly lower as investors wait on Fed; manufacturing output drops in August

NEW YORK, N.Y. – U.S. stocks are mostly lower at midday as investors wait for the Federal Reserve’s two-day policy meeting that starts on Tuesday.

The Dow Jones industrial average rose 12 points, or 0.1 per cent, to 16,999 as of noon Eastern time Monday. The Standard & Poor’s 500 index fell five points, or 0.3 per cent, to 1,980. The Nasdaq fell 52 points, 1.1 per cent, to 4,515.

U.S. manufacturing output fell in August for the first time in seven months, reflecting a sharp fall in production at auto plants. Output at plants fell 0.4 per cent in August after rising in July, the Federal Reserve said.

The yield on the 10-year Treasury note eased to 2.59 per cent from 2.61 per cent on Friday.

Molson Coors jumped 8 per cent amid reports of merger activity among brewing companies.

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