US STOCKS SNAPSHOT-Wall St erases losses; S&P above 1,400

NEW YORK Aug 24 (Reuters) - U.S. stocks erased losses to trade slightly higher by late morning on Friday after the S&P 500 briefly fell below the 1,400 level.

The Dow Jones industrial average was up 40.86 points, or 0.31 percent, at 13,098.32. The Standard & Poor's 500 Index was up 3.65 points, or 0.26 percent, at 1,405.73. The Nasdaq Composite Index was up 10.17 points, or 0.33 percent, at 3,063.57.

Briefly after the open, the S&P 500 dipped below 1,400 for the first time in two weeks. The index hasn't closed below 1,400 since the first Monday of August.