US STOCKS SNAPSHOT-Wall Street trims gains on Boehner comments

NEW YORK Thu Nov 29, 2012 4:58pm GMT

NEW YORK Nov 29 (Reuters) - U.S. stocks sharply trimmed earlier gains, with the Dow industrials and S&P 500 briefly dropping, after the top Republican in Congress, John Boehner, said there had been no substantive progress in fiscal talks over the last two weeks.

The Dow Jones industrial average edged up 8.18 points, or 0.06 percent, to 12,993.29. The S&P 500 gained 3.11 points, or 0.22 percent, to 1,413.04. The Nasdaq Composite added 11.85 points, or 0.40 percent, to 3,003.63.

The S&P had gained as much as 0.7 percent before Boehner spoke.

Discussions are ongoing in Washington over avoiding big spending cuts and tax hikes, dubbed the "fiscal cliff," that are due to take effect from January.