U.S. stocks pared gains and the Nasdaq turned negative on Monday, pressured by weakness in technology shares.

Stocks opened higher after President Barack Obama announced that Al Qaeda leader Osama bin Laden had been killed in a firefight with U.S. forces and as a spate of proposed deals cheered investors.

Microsoft Corp , a Dow component, fell 1.7 percent to $25.57, while Applied Materials dropped 3.4 percent to $15.15.

The Dow Jones industrial average <.DJI> was up 21.49 points, or 0.17 percent, at 12,832.03. The Standard & Poor's 500 Index <.SPX> was up 1.77 points, or 0.13 percent, at 1,365.38. The Nasdaq Composite Index <.IXIC> was down 1.15 points, or 0.04 percent, at 2,872.39.

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