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Wall Street turns negative as early gains fade

Traders work on the floor of the New York Stock Exchange October 23, 2012. REUTERS/Brendan McDermid

(Reuters) – Stocks erased early morning gains and turned negative, weighed down by declines in the materials and telecom sectors.

Traders work on the floor of the New York Stock Exchange October 23, 2012. REUTERS/Brendan McDermid

The Dow Jones industrial average dropped 21.92 points, or 0.17 percent, to 13,055.42. The Standard & Poor’s 500 Index lost 1.81 points, or 0.13 percent, to 1,406.94. The Nasdaq Composite Index shed 2.31 points, or 0.08 percent, to 2,979.38.

(Reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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