Wall Street ends flat as early rally fizzles

NEW YORK (Reuters) - The S&P 500 erased an early Fed-driven rally to close flat on Friday, as a selloff in biotechs offset a banking rally.

The Dow Jones industrial average <.DJI> rose 113.08 points, or 0.7 percent, to 16,314.4, the S&P 500 <.SPX> lost 0.82 points, or 0.04 percent, to 1,931.42 and the Nasdaq Composite <.IXIC> dropped 47.98 points, or 1.01 percent, to 4,686.50.

(Reporting by Chuck Mikolajczak; Editing by James Dalgleish)