US STOCKS-S&P 500 rebounds with energy shares; Dow dips
By Caroline Valetkevitch
NEW YORK, Sept 11 (Reuters) - U.S. stocks recovered from early losses on Thursday, with the S&P 500 managing a slight gain as energy prices and oil stocks turned higher and financials lent support.
The S&P energy index rose 0.1 percent, after trading down more than 1 percent earlier. Shares of Exxon Mobil, which had been down for much of the session, closed up 0.2 percent.
U.S. crude oil futures ended up 1.3 percent, while Brent was flat. U.S. crude prices have lost roughly 3 percent so far this month while the S&P energy index is down 3.8 percent.
"You've got a fairly good rally back in oil, which has certainly helped some of the stocks tied to that," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.
Weighing on the market earlier was data showing jobless claims unexpectedly rose, the second discouraging read on the labor market within a week.
The day's pause comes as investors debate whether equities have enough catalysts to push prices further upward, or whether a long-overdue correction may be around the corner.
One strategist, David Rosenberg of Canadian asset manager Gluskin Sheff, told Reuters on Thursday he thinks U.S. stocks have entered a corrective phase but that the underlying bull market remains intact.
The S&P 500 had closed at a record high Friday and the index is up 8.1 percent for the year so far. Continuación...