US STOCKS-Oil, materials lead Wall St towards weekly loss
* WTI crude falls below $58 a barrel
* China data hits materials sector
* Adobe up after results, to buy Fotolia
* Indexes off: Dow 1.2 percent, S&P 0.9 percent, Nasdaq 0.5 percent (Updates to early afternoon)
By Chuck Mikolajczak and Sinead Carew
NEW YORK, Dec 12 (Reuters) - U.S. stocks fell on Friday, putting the benchmark S&P 500 on track for its first weekly decline since mid-October after a further drop in oil prices and disappointing data out of China pushed investors away from the raw materials sector.
Oil's fall has 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 sector. Even bargain-hunters, for now, are staying away from energy shares.
"Don't try to catch a falling knife. That's what you have here," said Terry Morris, senior equity manager for National Penn Investors Trust Company in Reading, Pennsylvania.
The S&P energy sector was down 1.3 percent. It is down almost 16 percent this year, the worst performing of 10 S&P sectors. The S&P 500 index was down 2.8 percent for the week. Continuación...