jQuery hide and show toggle div with plus and minus icon

Try something like this

jQuery

$('#toggle_icon').toggle(function() {

    $('#toggle_icon').text('-');
    $('#toggle_text').slideToggle();

}, function() {

    $('#toggle_icon').text('+');
    $('#toggle_text').slideToggle();

});

HTML

<a href="#" id="toggle_icon">+</a>

<div id="toggle_text" style="display: none">
    Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s
</div>

DEMO

I would say the most elegant way is this:

<div class="toggle"></div>
<div class="content">...</div>

then css:

.toggle{
 display:inline-block;
height:48px;
width:48px;  background:url("http://icons.iconarchive.com/icons/pixelmixer/basic/48/plus-icon.png");
}
.toggle.expanded{
  background:url("http://cdn2.iconfinder.com/data/icons/onebit/PNG/onebit_32.png");
}

and js:

$(document).ready(function(){
  var $content = $(".content").hide();
  $(".toggle").on("click", function(e){
    $(this).toggleClass("expanded");
    $content.slideToggle();
  });
});

FIDDLE