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 <.NBI> fell 1.7 percent after earlier rising as high as 2.7 percent.
The Dow Jones industrial average <.DJI> was up 40.01 points, or 0.25 percent, at 16,066.76. The Standard & Poor's 500 Index <.SPX> was up 1.52 points, or 0.08 percent, at 1,817.21. The Nasdaq Composite Index <.IXIC> was down 10.32 points, or 0.26 percent, at 3,989.42.
(Reporting by Ryan Vlastelica; Editing by Jan Paschal)
