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Wall Street pares gains as biotech turns negative


    NEW YORK (Reuters) - U.S. stocks cut their gains on Monday, with the Nasdaq falling and the S&P 500 turning nearly flat as biotech shares reversed an early rally to drop sharply.

    The Nasdaq biotech index fell 1.7 percent after earlier rising as high as 2.7 percent.

    The Dow Jones industrial average was up 40.01 points, or 0.25 percent, at 16,066.76. The Standard & Poor's 500 Index was up 1.52 points, or 0.08 percent, at 1,817.21. The Nasdaq Composite Index was down 10.32 points, or 0.26 percent, at 3,989.42.

    (Reporting by Ryan Vlastelica; Editing by Jan Paschal)