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Stocks lose ground on recession angst


    NEW YORK (Reuters) - Stocks cut gains, sending the Dow and the S&P 500 briefly into negative territory on Thursday as recession fears offset hopes that a spate of interest-rate cuts by the world's central banks will help avert an acute downturn.

    A drop in energy shares also dragged on the Dow and the S&P.

    The Dow Jones industrial average was up 32.66 points, or 0.37 percent, at 9,024, off a session high of 9,266.47 touched earlier in the morning. The Standard & Poor's 500 Index was up 5.29 points, or 0.57 percent, at 935.38, off a session high at 963.23. The Nasdaq Composite Index was up 11.12 points, or 0.68 percent, at 1,668.52, off a session high at 1,712.56.

    (Reporting by Ellis Mnyandu; Editing by Jan Paschal)