US STOCKS-Market gains on oil's drop as tech, retail rise

(Updates with market turning higher)

NEW YORK, May 15 (Reuters) - U.S. stocks rose on Thursday as a drop of more than $2 in crude oil prices eased worries about the impact of higher energy costs on consumer spending.

Advancers included shares of technology companies such as Apple Inc (AAPL.O: Quote, Profile, Research) following a spurt of deal news in the tech sector and shares of retailers following stronger-than-expected results from J.C. Penney Co (JCP.N: Quote, Profile, Research).

U.S. crude for June delivery declined $2.12, or nearly 2 percent, to $122.10 a barrel on the New York Mercantile Exchange.

The Dow Jones industrial average .DJI climbed 47.87 points, or 0.37 percent, to 12,946.25. The Standard & Poor's 500 Index .SPX jumped 8.32 points, or 0.59 percent, to 1,416.98. The Nasdaq Composite Index .IXIC leapt 24.89 points, or 1.00 percent, to 2,521.59. (Reporting by Ellis Mnyandu; Editing by Jan Paschal)