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DOW JONES-NEW YORK, Dec 1 (Reuters) - U.S. stocks treaded water on Thursday after the previous day's massive gains, but traders worried that recent strong data could set the market up for a sell-off should Friday's jobs report fall short of hopes.

Both the Dow and the S&P 500 dipped and the Nasdaq ended with a slight gain following Wednesday's rally of more than 4 percent on an agreement from central banks to provide cheap dollar loans to struggling European banks.

The Dow Jones industrial average <.DJI> fell 25.65 points, or 0.21 percent, to 12,020.03. The S&P 500 <.SPX> lost 2.38 points, or 0.19 percent, to 1,244.58. The Nasdaq Composite <.IXIC> gained 5.86 points, or 0.22 percent, to 2,626.20.

NYMEX-New York - U.S. crude futures slipped on Thursday on weak factory data from China, concerns about Europe and a rise in jobless claims in the United States.

U.S. initial jobless claims rose unexpectedly last week, popping above 400,000 for the first time in just over a month, the Labor Department said. Initial claims climbed to a seasonally adjusted 402,000 from an upwardly revised 396,000 in the prior week.

On the New York Mercantile Exchange, January crude fell 16 cents, or 0.16 percent, to settle at $100.20 a barrel, having traded from $98.87 to $101.17.

CBOT-SOYBEANS, Chicago Board of Trade soybean futures closed lower, halting a three-day rally amid pressure from lackluster U.S. soybean export sales and prospects for large South American crops, traders said.

News that China's factory sector shrank in November in the face of weakening demand at home and abroad added pressure. China is the world's biggest soy buyer.

FCPO-SINGAPORE, Dec 1 (Reuters) - Malaysian palm oil futures rose on Thursday, supported by an improved global economic outlook and a market correction after recording straight losses for more than five days.

Top central banks including the U.S. Federal Reserve moved to tame a liquidity crunch for European banks by providing cheaper dollar funding, boosting prices of dollar-denominated commodities such as CBOT soybeans.

Benchmark February palm oil futures on the Bursa Malaysia Derivatives Exchange rose 1.3 percent to close at 3,058 ringgit ($960) per tonne.

REGIONAL EQUITIES-Dec 1 (Reuters) - Major Southeast Asian markets jumped on Thursday in heavy volumes after the world's six major central banks moved to ease a liquidity crunch squeezing European banks.

Investor sentiment was also lifted by China's announcement late Wednesday to cut the reserve requirement ratio for commercial lenders for the first time in three years, signalling a policy shift as global weakness weighs on China's economy.

In Singapore, DBS Group Holdings Ltd and United Overseas Bank gained more than 3.3 percent while Malaysia's Malayan Banking and CIMB Group Holding Berhad rose more than 1 percent.