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NEW YORK, Nov 9 (Reuters) - U.S. 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 dropped 14.05 points, or 0.11 percent, to 12,797.27. The Standard & Poor's 500 Index gained 2.68 points, or 0.19 percent, to 1,380.19. The Nasdaq Composite Index 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.