Jquery to update a label

Hi there,
I have the following JS.

        var expandCollapseLabel = document.createElement("label");
        expandCollapseLabel.id = "ExpandCollapseLabelID";
        expandCollapseLabel.innerHTML = "-";

Later on, in another function I have to update the label.
I tried the following.  It is getting called, but the label is not updated.  How can I do this?  Thanks.

 $("#ExpandCollapseLabelID").val("+");