U.S. stocks cut gains and the Nasdaq turned negative in late morning trading on Tuesday as the euro declined.

The Dow Jones industrial average <.DJI> was up 21.11 points, or 0.18 percent, at 12,042.50. The Standard & Poor's 500 Index <.SPX> was up 1.13 points, or 0.09 percent, at 1,237.60. The Nasdaq Composite Index <.IXIC> was down 5.91 points, or 0.23 percent, at 2,606.35.

(Reporting By Caroline Valetkevitch; Editing by Chizu Nomiyama)