The S&P 500 turned higher and the Dow cut losses at midday on Thursday as oil prices fell sharply.

The Nasdaq added to gains.

The Dow Jones industrial average <.DJI> was down 22.25 points, or 0.17 percent, at 12,701.33. The Standard & Poor's 500 Index <.SPX> was up 0.63 points, or 0.05 percent, at 1,347.95. The Nasdaq Composite Index <.IXIC> rose 17.33 points, or 0.61 percent, at 2,845.56.

(Reporting by Caroline Valetkevitch)