Stocks erased initial declines to trade little changed on Thursday as declines in JPMorgan Chase & Co and financial shares were offset by gains in Walt Disney Co following an analyst upgrade.

The Dow Jones industrial average <.DJI> gained 32.80 points, or 0.38 percent, to 8,649.01. The Standard & Poor's 500 Index <.SPX> gained 1.10 points, or 0.12 percent, to 933.78. The Nasdaq Composite Index <.IXIC> gained 4.60 points, or 0.25 percent, to 1,867.50.

(Reporting by Chuck Mikolajczak; Editing by Padraic Cassidy)