US stocks retreated after six days of gains on Thursday as encouraging reports on retail sales and jobless claims were outweighed by the uncertainty surrounding the "fiscal cliff" negotiations in Washington. Drawn-out fiscal negotiations between Democrats and Republicans have constrained trading. There is concern that tax hikes and spending cuts set to begin in 2013 if a deal is not reached in Washington will hurt growth, but overall, the stock market has taken it in stride.

The S&P 500 managed gains for six straight sessions and touched its highest level since October 22 on Wednesday. Best Buy Co shares shot up 15.4 percent to $14.05 after a report that the company's founder is expected to offer to buy the consumer electronics retailer by the end of the week. The shares hit an intraday high at $14.48 - up 18.8 percent. The Dow Jones industrial average lost 50.86 points, or 0.38 percent, to 13,194.59. The Standard & Poor's 500 Index slid 7.80 points, or 0.55 percent, to 1,420.68. The Nasdaq Composite Index fell 20.67 points, or 0.69 percent, to 2,990.14.

Copyright Reuters, 2012