US STOCKS-Wall St slips after two-day rally; energy shares drop

martes 12 de agosto de 2014 17:13 GYT

* S&P energy sector index off 0.7 pct after oil prices fall

* Kate Spade shares plunge 25.4 pct in busiest trading day

* Dow off 0.1 pct; S&P 500 down 0.2 pct; Nasdaq off 0.3 pct (Updates to close)

By Akane Otani

NEW YORK, Aug 12 (Reuters) - U.S. stocks ended lower on Tuesday, snapping a two-day rally as energy shares tumbled on sliding oil prices. The pullback occurred on light volume typical of mid-August.

Traders rushed to sell the stock of handbag and accessory maker and retailer Kate Spade & Co, which plummeted 25.4 percent to close at $29.00 in its busiest day of trading ever with 52 million shares changing hands. Kate Spade & Co reported better-than-expected sales, which had helped lift the stock to a seven-year-high at $42.87 in early trading. The stock reversed course, though, after the company warned that gross margins would be weaker than expected for the year.

The S&P 500 energy sector index ended down 0.7 percent in sync with the drop in oil prices. Southwestern Energy Co shares fell 2.8 percent to $38.21, while Consol Energy Inc shares ended down 2.4 percent at $39.49. The two stocks were the biggest losers in the S&P energy index.

Brent crude fell to a 13-month low due to worries about oversupply, even with possible disruptions to Iraq's production at the forefront. U.S. September crude also settled lower.   Continuación...