MOSTLY CHINA

[Jang-A-Lang]

NEW YORK, Feb 22 (Reuters) - The Dow and the S&P 500 turned higher, while the Nasdaq cut losses, after CNBC television reported that a bailout for bond insurer Ambac Financial Group Inc (ABK.N: Quote, Profile, Research) was imminent, causing financial shares to reverse losses.

The Dow Jones industrial average .DJI was up 20.27 points, or 0.17 percent, at 12,304.57. The Standard & Poor's 500 Index .SPX was up 2.42 points, or 0.18 percent, at 1,344.95. The Nasdaq Composite Index .IXIC was down 6.91 points, or 0.30 percent, at 2,292.87. (Reporting by Ellis Mnyandu; Editing by Jan