US STOCKS-S&P briefly turns up with energy sector gains

(Updates to show stocks paring losses; S&P briefly higher)

NEW YORK, May 16 (Reuters) - U.S. stocks cut losses and the S&P 500 briefly turned higher on Friday, boosted by gains in the energy sector as oil prices rose sharply.

The Dow Jones industrial average .DJI was down 24.67 points, or 0.19 percent, at 12,967.99. The Standard & Poor's 500 Index .SPX was down 1.05 points, or 0.07 percent, at 1,422.52. The Nasdaq Composite Index .IXIC was down 10.69 points, or 0.42 percent, at 2,523.04. (Reporting by Caroline Valetkevitch; Editing by Leslie Adler)