US STOCKS-Market inches up on energy, stabilization hope

* Energy sector, Coca-Cola shares underpin market

* Data adds to optimism on economic recovery

* Dow up 0.2 pct; S&P 500 up 0.5 pct; Nasdaq up 0.2[

* For up-to-the-minute market news click [STXNEWS/US] (Updates to early afternoon, changes byline)

By Ellis Mnyandu

NEW YORK, May 29 (Reuters) - U.S. stocks rose on Friday as resurgent oil prices lifted energy shares, while a sliding dollar boosted the allure of multinationals like Coca-Cola Co (KO.N: Quote, Profile, Research) and further signs of economic stabilization underpinned sentiment.

U.S. front-month crude-oil futures CLc1 jumped 1.2 percent, or 82 cents, to $65.87 a barrel, supporting gains in such stocks as Chevron (CVX.N: Quote, Profile, Research) , Exxon Mobil (XOM.N: Quote, Profile, Research) and ConocoPhillips (COP.N: Quote, Profile, Research). The S&P energy index was up nearly 1 percent.

Shares of beverage maker Coca-Cola, which gets the bulk of its sales from abroad, jumped 2.1 percent, as the dollar slid to five-month lows against a basket of currencies.

Friday's economic data included a Commerce Department report showing that the U.S. economy's contraction in the first quarter was slightly less than initially estimated by the government earlier in the quarter, and corporate profits rebounded. For details, see [ID:nN28352285]