US STOCKS-Wall Street falls as investors fret about rate-hike timing
* Inflation to likely rebound -Fed's Fischer
* Oil prices jump more than 5 pct
* Phillips 66 up after Buffett discloses stake
* Indexes down: Dow 0.76 pct, S&P 0.85 pct, Nasdaq 0.97 pct (Updates to afternoon)
By Noel Randewich
Aug 31 (Reuters) - Wall Street was lower on Monday afternoon as investors worried that the Federal Reserve may start raising interest rates in September, although a rally in oil boosted energy stocks.
The market was poised for its worst monthly drop over three years after being pummeled in the past two weeks due to worries about the health of China's economy and the timing of the first U.S. rate hike in almost a decade.
Comments on Saturday by Fed Vice Chairman Stanley Fischer added to fears that the central bank may raise rates when it meets next month.
Fischer said U.S. inflation would likely rebound as pressure from the dollar fades, allowing the Fed to raise interest rates gradually. Continuación...