The Dow and the S&P 500 briefly turned negative on Wednesday after the U.S. Treasury Department outlined the status of its plans to aid insurers.

The Nasdaq pared gains after rising more than 1 percent earlier.

The Treasury said a number of life insurers have met requirements for capital as bank holding firms, but added that the capital would not constitute a new rescue program.

The Dow Jones industrial average <.DJI> was down 7.09 points, or 0.09 percent, at 7,782.47. The Standard & Poor's 500 Index <.SPX> was down 0.13 points, or 0.02 percent, at 815.42. The Nasdaq Composite Index <.IXIC> was up 6.99 points, or 0.45 percent, at 1,568.60.

(Reporting by Ellis Mnyandu; Editing by Theodore d'Afflisio)