Wall Street Mostly Higher

NEW YORK - Wall Street traded sideways Monday as investors awaited further hints about the economy's direction in economic data to be released this week.

Reports that begin rolling out Tuesday with existing home sales data for August and the Richmond Fed's regional manufacturing survey will help drive stocks. Many investors hope readings on durable goods and consumer spending will give the Fed room to cut rates still further.

However, lower rates - and the potential for more cuts - continued to weigh against the U.S. dollar. The U.S. currency dropped to a 15-year low against six other major currencies.

There are no economic reports due Monday. However, speeches are expected from Fed Chairman Ben Bernanke, Dallas Fed president Richard Fisher, and Chicago Fed governor Charles Evans.

In midmorning trading, the Dow Jones industrials fell 4.47, or 0.03 percent, to 13,815.72.

Broader indicators were mixed, with the Standard & Poor's 500 index fell 2.58, or 0.17 percent, to 1,523.17, while the Nasdaq composite index rose 1.33, or 0.05 percent, at 2,672.55.

Bonds edged lower, with the yield on the benchmark 10-year Treasury note rising to 4.64 percent from 4.63 percent late Friday. Treasuries have rallied since last week's rate cut.

The dollar fell against major currencies, while gold prices dipped.

Oil prices fell as a tropical depression in the Gulf of Mexico dissipated without causing damage to key oil and gas infrastructure. A barrel of light sweet crude dropped 82 cents to $80.80 on the New York Mercantile Exchange.

In corporate news, General Motors Corp. faced a morning deadline in contract talks as United Auto Workers have threatened to strike if a new contract isn't reached. Talks continued with a union strike deadline of 11 a.m EDT. GM shares rose $1.08, or 3.1 percent, to $36.02.

Ford Motor Co. shares rose 25 cents, or 3.1 percent, to $8.48 after Chief Executive Alan Mullaly said the auto maker is in talks with potential buyers of the company's Jaguar and Land Rover Brands. The company also began operations of its newest joint-venture factory in China, where it will produce both the Ford and Mazda brands.

Limits on Fannie Mae's and Freddie Mac's investment portfolios could be lifted in February if they begin filing timely and audited financial statements, a top regulator told The Wall Street Journal. Under the plan, the Office of Federal Housing Enterprise Oversight would allow the two government-backed mortgage providers to be given more flexibility and to expand.

Fannie Mae shares fell 52 cents to $62.20.

Dell Inc. rose 28 cents to $28.04 as it said it will launch a retail presence in China by selling computers through the country's biggest chain of electronics stores. The deal extends Dell's strategy of expanding beyond its traditional Internet-and-phone sales model into retail to better compete with rivals.

Xerox Corp. fell 3 cents to $16.99 after it launched a system promising to slash the cost of color printing for high-volume users willing to pay more for machines.

The Russell 2000 index of smaller companies fell 3.55, or 0.44 percent, 809.56.

In European trading, Britain's FTSE 100 rose 0.26 percent, Germany's DAX index fell 0.22 percent, and France's CAC-40 shed 0.03 percent.

In Asia earlier, Japan's Nikkei index fell 0.62 percent and Hong Kong's Hang Seng Index rose 2.74 percent.