The Dow Jones Industrial Average fell 346.93 points, or 1.15 percent, to 29,926.94. The S&P 500 was down 38.76 points, or 1.02 percent, to 3,744.52. The Nasdaq Composite Index decreased 75.33 points, or 0.68 percent, to 11,073.31.
Ten of the 11 primary S&P 500 sectors ended in red, with utilities and real estate down 3.3 percent and 3.2 percent, respectively, leading the laggards. Energy rose 1.82 percent, the lone gaining group.
A climb in Treasury yields weighed on stocks. The yields on the benchmark U.S. 10-year Treasury and the 2-year Treasury note both advanced on Thursday after a retreat seen earlier this week.
The equity markets have usually moved negatively with bond yields, as higher bond yields would make equity investments less attractive.
The U.S. Labor Department reported Thursday that the nation's initial jobless claims, a rough way to measure layoffs, increased by 29,000 to 219,000 in the week ending Oct. 1. Economists polled by The Wall Street Journal had forecast new claims to total 203,000.
The more-closely watched September U.S. employment situation report is set to be released by the department on Friday.
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