Wall Street cuts gains after Obama's remarks

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November 10, 2012 5:49 AM EST

Stocks cut gains on Friday after President Barack Obama invited congressional leaders to the White House to start negotiating a deal to prevent sharp tax hikes and spending cuts. The president, however, outlined a position still far apart from that of his political opponents.

The Dow Jones industrial average <.DJI> dropped 14.05 points, or 0.11 percent, to 12,797.27. The Standard & Poor's 500 Index <.SPX> gained 2.68 points, or 0.19 percent, to 1,380.19. The Nasdaq Composite Index <.IXIC> gained 12.77 points, or 0.44 percent, to 2,908.35.

Earlier on Friday, the Dow had been up 0.5 percent, while both the S&P 500 and the Nasdaq had been up as much as about 1 percent.

(Reporting by Edward Krudy; Editing by Jan Paschal)

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Copyright 2012 Thomson Reuters. All rights reserved.

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