US STOCKS-Market pares losses, S&P up with energy sector

(Updates to show indexes paring losses, S&P higher)

NEW YORK, March 3 (Reuters) - U.S. stocks pared early losses and the S&P briefly turned higher on Monday as record crude oil prices above $103 a barrel prompted investors to snatch up shares in the energy sector.

Stronger-than-expected U.S. factory activity data earlier in the day also helped support the market.

The Dow Jones industrial average .DJI dipped 20.03 points, or 0.16 percent, to 12,246.36. The Standard & Poor's 500 Index .SPX was up 0.30 point, or 0.02 percent, at 1,330.93. The Nasdaq Composite Index .IXIC was down 5.40 points, or 0.24 percent, at 2,266.08. (Reporting by Caroline Valetkevitch; Editing by Jan Paschal)