US STOCKS-Wall St drops as oil price continues to descend
* WTI crude falls below $58 a barrel
* Producer prices fall; UMich tops expectations
* Adobe up after results; to buy Fotolia
* Indexes off: Dow 1.03 pct, S&P 0.89 pct, Nasdaq 0.49 pct (Updates to late morning)
By Chuck Mikolajczak
NEW YORK, Dec 12 (Reuters) - U.S. stocks fell on Friday, putting the benchmark S&P 500 on track for its first weekly decline in eight, following a further drop in oil prices and disappointing data out of China, the world's second-biggest economy.
The S&P index had broken a three-day skid on Thursday, buoyed by upbeat retail sales figures and other data that pointed to a strengthening U.S. economy, but finished well off its session highs as oil prices slipped.
Weak oil prices have added to worries about global demand and raised concerns about earnings for some energy companies, with year-end tax selling putting more pressure on the group. In addition, continued weakness in oil prices has prevented investors from bargain hunting the sector.
"It's a time when most managers have underperformed their benchmarks so rather than stepping up to the plate on these stocks, they are avoiding them because they are trying to play catch up," said Terry Morris, senior equity manager for National Penn Investors Trust Company in Reading, Pennsylvania. Continuación...