US STOCKS-Dow, S&P 500 rally late with energy; financials cut losses
* S&P financial index flat after hitting more than 2-year low
* Energy shares rise with oil late
* Dow up 1.1 pct, S&P up 0.5 pct, Nasdaq down 0.2 pct (Updates to late afternoon)
Feb 3 (Reuters) - The Dow and S&P 500 turned higher late Wednesday afternoon, with the Dow rallying 1 percent as energy shares jumped with oil prices and financial shares cut losses to trade flat.
The Nasdaq stayed weaker but was well off the day's lows.
The S&P financial index was down 0.01 percent, while the energy index rose 3 percent, sharply extending gains after U.S. crude oil ended up 8 percent on the day.
"The thing that's surprising me the most today is the sudden turnaround or push back up in oil. Of course it's bringing a lot of the energy stocks that are pretty beaten down with it," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
Oil rose after investors took advantage of earlier weakness in prices and a drop in the U.S. dollar.
The S&P materials was up 2.8 percent. Continuación...