09/15/2014 04:16 EDT | Updated 11/15/2014 05:59 EST

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

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

The Standard & Poor's 500 index eased one point, or 0.07 per cent, to close at 1,984 on Monday. The Nasdaq fell 48 points, or 1.1 per cent, to 4,518. The Dow Jones industrial average rose 43 points, or 0.3 per cent, to 17,031.

U.S. manufacturing output fell in August for the first time in seven months, reflecting a sharp fall in production at auto plants. Factory output 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 late Friday.