DOW DROPS NEARLY 650 POINTS

U.S. stocks finished firmly in the red, with all three benchmark indexes posting losses.

Jobless claims rose more than forecast.

The Dow Jones Industrial Average fell 670 points, or 2.3%. The S&P 500 lost 2.9%, while the Nasdaq Composite slid 3.8%.

The falling unemployment rate sparked a jump in rates, in turn weighing on futures.

Investors appear to be hitting the pause button following the sharp runup in share prices earlier this week.

The Dow is heading to a 1.8% weekly gain, while the S&P is on track to end the week higher by 1.4%.

The Nasdaq is on pace to rise 0.7%.

Energy stocks outperformed this week as the rest of the market whiplashed