US STOCKS-Wall St rally loses steam in afternoon trading
* China cuts interest rate for second time in two months
* Oil prices rebound but still near 6-1/2-year lows
* Apple up 4.7 pct, BofA leads banks higher
* Nine of the 10 major S&P sectors higher
* Indexes up: Dow 1.4 pct, S&P 1.35 pct, Nasdaq 2.18 pct (Adds quote, updates prices)
By Tanya Agrawal
Aug 25 (Reuters) - U.S. stocks retreated from their highs after staging their sharpest rally of the year on Tuesday, a day after the market's worst performance in four years.
Investors snapped up beaten-down stocks from the opening bell but caution set in by early afternoon amid lingering concerns that a slowdown in China could hobble global growth.
"(It's) just investor confusion," said Art Hogan, chief market strategist at Wunderlich Securities in New York. "They are trying to figure out what the slowdown in China means to the global economy," he said. Continuación...