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Wall Street pares losses, Nasdaq positive


    NEW YORK (Reuters) - U.S. stocks pared early losses and the Nasdaq turned positive on Thursday, boosted by gains in biotechnology and chip stocks.

    The Dow Jones industrial average dropped 55.66 points, or 0.45 percent, to 12,362.76. The Standard & Poor's 500 Index fell 3.10 points, or 0.24 percent, to 1,274.20. The Nasdaq Composite Index gained 1.80 points, or 0.07 percent, to 2,650.16.

    (Reporting By Chuck Mikolajczak; editing by Jeffrey Benkoe)