U.S. stocks rise after Fed minutes

U.S. stocks ended higher after wavering in a tight range Thursday, as investors continued to digest the U.S. Federal Reserve's minutes from its July meeting.

The Dow Jones Industrial Average rose 23.76 points, or 0.13 percent, to 18,597.70. The S&P 500 added 4.80 points, or 0.22 percent, to 2,187.02. The Nasdaq Composite Index increased 11.49 points, or 0.22 percent, to 5,240.15.

According to the minutes released on Wednesday, some voting Federal Reserve policymakers believed that a U.S. interest rate increase will soon be needed, although there is a general agreement that more data is needed before such a move.

"The most compelling reason to think the next hike could be in September is a division into three camps evident among FOMC participants: Those who are not ready to raise rates, those who are ready, and those who think the moment is soon," said Chris Low, chief economist at FTN Financial.

Meanwhile, New York Fed President William Dudley reportedly said in a Thursday speech the past two jobs reports "helped allay concerns that arose earlier this year that job growth was beginning to stall. Indeed, these reports reinforce my view that labor market conditions continue to improve."

The continued rebound in oil prices provided some upward jolts to the stock market. Oil prices rallied for a sixth straight session Thursday, with Brent crude settling over 50 U.S. dollars a barrel, as a weaker greenback made the dollar-denominated oil more attractive for holders of other currencies.

On the economic front, in the week ending Aug. 13, the advance figure for seasonally adjusted initial claims was 262,000, a decrease of 4,000 from the previous week's unrevised level of 266,000, said the U.S. Labor Department Thursday.

The 4-week moving average was 265,250, an increase of 2,500 from the previous week's unrevised average of 262,750. Enditem