1st LD Writethru: U.S. stocks edge down amid data, rate hike concerns

U.S. stocks ended slightly lower after wavering between small gains and losses Thursday, as Wall Street digested economic data amid expectations of a December rate hike.

The Dow Jones Industrial Average fell 4.41 points, or 0.02 percent, to 17,732.75. The S&P 500 dipped 2.34 points, or 0.11 percent, to 2,081.24. The Nasdaq Composite Index decreased 1.56 points, or 0.03 percent, to 5,073.64.

In the week ending Nov. 14, the advance figure for seasonally adjusted initial claims decreased 5,000 from the previous week's unrevised level to 271,000, roughly in line with market consensus, the U.S. Labor Department said Thursday.

Philadelphia Fed Manufacturing survey's diffusion index for current activity came out at 1.9 for November, its first positive reading in three months, and also beating market estimates.

Meanwhile, investors were still sifting through the Federal Reserve's October meeting minutes released Wednesday afternoon.

According to the minutes, most participants anticipated that it would be appropriate to raise the target range for the federal funds rate at its next meeting, given the improving economic conditions.

"Rates are going to rise on December 16 unless clear evidence the economy has broken emerges in the next few weeks," said Chris Low, chief economist at FTN Financial, in a note Thursday.

In corporate news, shares of Best Buy fell 2.11 percent to 30.67 U.S. dollars apiece Thursday, even after the largest U.S. consumer electronics chain announced better-than-expected quarterly profit. Endit