New York, Dec 14 (DPA) US stocks erased gains from earlier Monday as President Barack Obama's compromise tax cut plan with Republicans appeared poised to pass the Senate.

The Standard & Poor's 500 Index had rallied earlier after China refrained from raising interest rates. But investors were restless over the uncertainty of tax cuts slated to expire at year's end unless the US Congress agrees on a plan to extend them.

As the Senate's procedural vote was underway in Washington, "the trading floor was extremely quiet", Barry Knapp of Barclays Plc in New York, was quoted as saying by Bloomberg financial news service.

After trading closed for the day, Obama's deal to extend tax cuts enacted under his predecessor George W. Bush received enough votes on the procedural issue of ending debate - 60 - to be sent for a full Senate vote.

The blue-chip Dow Jones Industrial Average gained 18.24 points or 0.16 percent to 11,428.56. The broader S&P 500 added 0.06 points, a negligible percentage increase, to 1,240.46. The technology-heavy Nasdaq Composite Index shed 12.63 points, or 0.48 percent, to close at 2,624.91.

The US currency lost against the euro to 74.70 euro cents from 75.60 euro cents Friday. The dollar also lost ground against the Japanese currency to 83.46 yen from 83.94 yen.