The Dow and S&P 500 reversed earlier gains to slip into negative territory on Monday as declines in resource and bank shares offset optimism over strong European industrial data.

* Indexes began cutting gains in midday trading after Moody's Investors Service downgraded Greece's credit rating, placing it in junk status.

* The Dow Jones industrial average <.DJI> dipped 8.01 points, or 0.08 percent, to 10,203.06. The Standard & Poor's 500 Index <.SPX> was off 1.05 points, or 0.10 percent, to 1,090.55. The Nasdaq Composite Index <.IXIC> added 0.82 points, or 0.04 percent, to 2,244.42.

(Reporting by Leah Schnurr; Editing by Leslie Adler)