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The $U(1)\times SU(2)$ Chern-Simons gauge theory is applied to study the 2-D$t-J$ model describing the normal state of underdoped cuprate superconductors.The U(1) field produces a flux phase for holons converting them into Dirac-likefermions, while the SU(2) field, due to the coupling to holons gives rise to agap for spinons. An effective low-energy action involving holons, spinons and aself-generated U(1) gauge field is derived. The Fermi surface and electronspectral function obtained are consistent with photoemission experiments. Thetheory predicts a minimal gap proportional to doping concentration. It alsoexplains anomalous transport properties including linear $T$ dependence of thein-plane resistivity.Comment: 8 pages, REVTEX, no figure

U(1)×SU(2) Gauge Theory of Underdoped Cuprate Superconductors