* Banks sag on worries over possible derivatives legislation
* Inventory data hits crude oil, energy stocks
* Amazon rises after comScore data on Cyber Monday
* Dow down 0.3 pct, S&P dips 0.1 pct, but Nasdaq up 0.3 pct
* For up-to-the-minute market news, click []
(Updates to late afternoon, changes byline)
By Caroline Valetkevitch
NEW YORK, Dec 2 (Reuters) - The Dow and S&P slipped on
Wednesday, with falling oil prices prompting investors to sell
some energy shares and concerns about bank profits pressuring
the financial sector.
But the Nasdaq clung to a slight gain after positive news
on online retailers such as Amazon.
Worries that bank profits could be hurt by derivatives
legislation under consideration also curbed enthusiasm about
the broader market. The S&P financial index <.GSPF> declined
0.3 percent.
JPMorgan Chase & Co <JPM.N> said it could see its revenue
fall by as much as $3 billion in a "worst case" scenario under
the legislation, according to a note from Sanford C. Bernstein
to investors. Shares of JPMorgan, a Dow component, fell 1.4
percent to $41.63. For details, see []
An ADP National Employment private-sector survey showed
U.S. private employers shed 169,000 jobs in November. That data
got Wall Street's attention because weakness in the labor
market is one of the biggest headwinds facing a recovery.
While the number was fewer than the 195,000 jobs cut in
October, the ADP report was worse than expected.
[] The U.S. government's monthly employment data
is due Friday morning.
"It's a tight range today, and investors are just waiting
on the sidelines to see if there's more to Dubai World or
employment numbers," said Alan Lancz, president of Alan B.
Lancz & Associates Inc., an investment advisory firm based in
Toledo, Ohio.
Last week, concerns over a possible debt default by Dubai
World triggered a sell-off in stocks globally on Friday.
The Dow Jones industrial average <> was down 25.70
points, or 0.25 percent, at 10,445.88. The Standard & Poor's
500 Index <.SPX> was down 1.03 points, or 0.09 percent, at
1,107.83. The Nasdaq Composite Index <> was up 7.16
points, or 0.33 percent, at 2,182.97.
Amid continued questions about retailers' strength in the
holiday shopping season, online vendors were strong performers
after analytics firm comScore said that Cyber Monday sales were
up 5 percent from the previous year.
Shares of Amazon.com <AMZN.O> jumped 2.7 percent to $142.26
on Nasdaq. []
January crude oil futures <CLc1> fell $1.77 to settle at
$76.60 per barrel after U.S. government inventory data showed a
surprising build in crude and gasoline
stockpiles.[]
The unexpected increase in energy supply gave investors a
reason to unload some energy companies' shares, pushing the S&P
Energy index <.GSPE> down 1 percent and making it the worst
performer among S&P sectors. Occidental Petroleum <OXY.N> shed
1.4 percent to $81.00. Exxon Mobil <XOM.N> dropped 0.5 percent
to $75.65.
(Reporting by Caroline Valetkevitch; Additional reporting by
Ryan Vlastelica; Editing by Jan Paschal)
((caroline.valetkevitch@thomsonreuters.com; +1 646 223 6393;
Reuters
Messaging:caroline.valetkevitch.reuters.com@reuters.net))
