US STOCKS-Wall St pares losses on encouraging U.S. factory data
* Oil prices retreat; China factory activity slows
* U.S. factory activity expands; construction spending falls
* Michael Kors jumps on strong sales growth
* Indexes down: Dow 0.31 pct, S&P 0.19 pct, Nasdaq 0.06 pct (Adds details, changes quote, updates price)
By Tanya Agrawal
June 1 (Reuters) - U.S. stocks pared losses on Wednesday after encouraging factory data, but remained lower, with falling oil prices weighing on energy companies and financials retreating as chances of a rate hike this month ebbed on weak China data.
China's official factory activity gauge expanded only marginally in May, data showed, while a private survey showed conditions deteriorated for a fifteenth straight month, kindling fears of a global slowdown.
"We had some overnight data points out of China that gave investors some pause this morning," said Bill Northey, chief investment officer at U.S. Bank Private Client Group in Great Falls, Montana.
"I think there are some concerns regarding global growth and enough headwinds remain for some profit taking." Continuación...