Stocks tottered in search of direction today, with little news to help investors extend the previous session’s sharp gains.

Many investors were adjusting their positions ahead of the Federal Reserve’s meeting next Tuesday, at which the central bank will decide whether to alter interest rates after holding them steady for about a year.

Wall Street widely expects the central bank to lower the benchmark federal funds rate by a quarter percentage point, but the decision has not been guaranteed. Furthermore, many investors worry that a quarter-point rate reduction might not be enough to address the market’s woes.

Trading has been extremely volatile in recent weeks as investors try to gauge the chance of a rate cut and the economy’s strength amid an ongoing housing slump and credit market problems.

Meanwhile, crude oil’s surge to record highs above $78 a barrel this week has rekindled concerns about inflation. Accelerating inflation is not only a threat to consumer spending — a pillar of the economy that Wall Street fears is weakening — but it also gives the Fed a reason to keep rates where they are.

The Dow Jones industrial average fell 19.02, or 0.14 percent, to 13,289.37 after soaring 180 points yesterday.

Broader stock indexes were mixed. The Standard & Poor’s 500 index futures fell 0.49, or 0.03 percent, to 1,471.00, while the Nasdaq composite index rose 1.81, or 0.07 percent, to 2,599.28.

Bond prices rose as investors stockpiled secure government issues. The yield on the 10-year Treasury note, which moves opposite its price, dipped to 4.34 percent from 4.37 percent late Tuesday.

Yesterday, the market rallied as investors grew more optimistic about a rate cut. But overseas equity markets didn’t follow suit today.

In Asia, Japan’s Nikkei stock average closed down 0.50 percent amid political uncertainty after Prime Minister Abe of Japan announced today he will resign, ending a troubled year-old government that has suffered damaging scandals.

In Europe, Britain’s FTSE 100 slipped 0.14 percent and Germany’s DAX index fell 0.17 percent. But France’s CAC-40 rose 0.10 percent.

Meanwhile, the American dollar continued its slide against the euro, hitting a record low early before clawing back some ground. The dollar was also weaker against the yen, but higher versus the pound. Gold prices rose.

Commodity prices in several markets stayed in record territory Wednesday ahead of the weekly American inventory report, which is expected to show declines in crude and gasoline supplies. Oil prices rose 58 cents to $78.81 a barrel, after closing at a record $78.23 Tuesday. Wheat prices finished just shy of $9 a bushel on Tuesday — an all-time peak — up from about $5 a bushel in May.

In corporate news, Texas Instruments Inc., world’s largest maker of chips used in cellular phones, fell 52 cents to $35.20 after offering a third-quarter outlook late yesterday that fell below Street expectations.

Cell phone maker Nokia Corp. also dipped on Texas Instruments’ outlook, falling 94 cents, or 2.7 percent, to $33.65.

The Nasdaq got a lift, though, from medical device maker Cardica Inc., which got a key European approval for a gadget that connects blood vessels during heart bypass surgery. Cardica shares surged $1.93, or 22 percent, to $10.57.

The housing market is far from recovery, but on Wednesday a Mortgage Bankers Association survey showed that as rates fell in the week ended Sept. 7, mortgage application volume rose 5.5 percent, refinance volume jumped 6 percent, and the purchase index increased 5.2 percent, adjusted for the Labor Day holiday.

Declining issues outnumbered advancers by about 4 to 3 on the New York Stock Exchange, where volume came to 196.4 million shares.

The Russell 2000 index of smaller companies was down 0.94, or 0.12 percent, at 781.33.

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