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Wall Street erases gains

NEW YORK (REUTERS) - Stocks cut gains with all three major indexes turning negative on Monday after an initial bounce was eroded by weakness in financial stocks.

The Dow Jones industrial average <.DJI> rose 1.85 points, or 0.02 percent, to 11,868.24. The Standard & Poor's 500 Index <.SPX> dropped 2.16 points, or 0.18 percent, to 1,217.50. The Nasdaq Composite Index <.IXIC> dropped 0.85 points, or 0.03 percent, to 2,554.48.

(Reporting by Edward Krudy; editing by Jeffrey Benkoe)

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