U.S. STOCKS - Market pares gains on drop in Philly Fed

NEW YORK (Reuters) - U.S. stocks pared gains on Thursday after Philadelphia Federal Reserve Bank data showed a faster-than-expected contraction in mid-Atlantic factory production, underscoring recession worries.

The Dow Jones industrial average was up 6.19 points, or 0.05 percent, at 12,433.45. The Standard & Poor's 500 Index was down 0.06 point at 1,359.97. The Nasdaq Composite Index was up 14.95 points, or 0.64 percent, at 2,342.05.