Stocks waffle after mixed news on manufacturing

NEW YORK (AP) — Stocks turned mixed today as a rally that drove the market sharply higher in September appeared to run out of gas.

The Dow Jones industrial average rose about 28 points in early trading, bouncing back from an earlier loss, but broader market indicators were mixed.

A poor reading on manufacturing activity in New York dampened the mood in the market. The Empire State Manufacturing Survey Index came in well below analysts' forecasts for September, disappointing investors who had become accustomed to seeing steady increases in activity at U.S. factories.

Stocks pared their earlier losses after a separate report on manufacturing was slightly more encouraging. The Federal Reserve reported that industrial production rose modestly in August and the manufacturing sector grew for the 12th time in 14 months.