US STOCKS SNAPSHOT-Market trims losses on bank optimism

NEW YORK, April 13 (Reuters) - U.S. stocks cut losses on Monday and the benchmark S&P 500 briefly turned positive, as investors snapped up financials shares on hopes that quarterly results of major banks will show stabilization returning to the financial sector.

* Oil prices also retreated from their earlier sharp slide, helping cushion the broader market.

* Bank of America (BAC.N: Quote, Profile, Research) shares jumped more than 11 percent to $10.68, while those of Citigroup (C.N: Quote, Profile, Research) -- which is scheduled to report quarterly results on Friday -- climbed more than 16 percent.

* The Dow Jones industrial average .DJI was down 46.68 points, or 0.58 percent, at 8,036.70. The Standard & Poor's 500 Index .SPX was down 0.86 points, or 0.10 percent, at 855.70. The Nasdaq Composite Index .IXIC was down 8.04 points, or 0.49 percent, at 1,644.50. (Reporting by Ellis Mnyandu; Editing by Theodore d'Afflisio)