US STOCKS-Market dips on weak data, slip in energy shares

(Updates to midday, changes byline)

By Cal Mankowski

NEW YORK, Feb 21 (Reuters) - U.S. stocks dipped at midday on Thursday after new data showed the economy remained in a downtrend and energy shares dropped as investors took profits from this week's rally on record oil prices.

Data from the Philadelphia Federal Reserve Bank showed a sharper-than-expected pullback in Mid-Atlantic manufacturing activity. Another report showed leading economic indicators fell 0.1 percent in January for a fourth straight monthly decline.

But technology stocks fared better than the broader market after BlackBerry maker Research in Motion Ltd (RIM.TO: Quote, Profile, Research)(RIMM.O: Quote, Profile, Research) lifted its subscriber outlook.

Tech stocks also got a boost as Citigroup lifted its rating on Cisco, the top maker of routers, switches and other equipment, to "buy" from "hold," citing its global reach.

"The bears came back out and are spreading their gloom and doom that inflation will remain high and energy prices will see no relief," said Ned Riley, chief executive of Riley Asset Management in Marshfield, Massachusetts.

At midday, U.S. oil futures were up 10 cents at $99.80 a barrel. On Thursday, oil hit an intraday record above $101.

Shares of oil producer Chevron Corp (CVX.N: Quote, Profile, Research), which joined the Dow industrials on Tuesday, were down 0.7 percent at $85.70. The stock of oilfield services company Schlumberger Ltd (SLB.N: Quote, Profile, Research) slid 1.3 percent to $84.92 on the New York Stock Exchange.