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

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NEW YORK — 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 percent, to 16,999 as of noon Eastern time Monday. The Standard & Poor's 500 index fell five points, or 0.3 percent, to 1,980. The Nasdaq fell 52 points, 1.1 percent, 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 percent in August after rising in July, the Federal Reserve said.

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

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

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