US stocks close lower, Dow Jones sheds more than 300 points

US stock indices fell on Thursday, paring their early gains after upbeat economic data, and turned lower following Federal Reserve Chairman' comments about inflation.

The US Department of Labor unveiled that the unemployment claims were at 745,000 last week, better than forecasts of 750,000.

The department will unveil the monthly jobs report tomorrow, which provides insight on the US labor market and the unemployment rate during February.

Federal Reserve Chairman Jerome Powell said that he expects some inflationary pressures in the time ahead but they likely won't be enough to spur an interest rates hike.

To the oil market, WTI crude April futures rose 4.2% or $2.55, and closed at $ 63.83 a barrel, after hitting a high of $64.8 and a low of $60.5.

Brent May futures rose 4.2% or $2.67, and closed at $ 66.74 a barrel, after hitting a high of $67.8 and a low of $63.3.

As for stocks, Dow Jones fell 1.1% or 346 points, and closed at 30,924, with a day high of 31,461, and a low of 30,547.

Nasdaq fell 2.1% or 274 points to 12,723 points, with a high of 13,068 and a low of 12,553 points.

S&P 500 fell 1.3% or 51 points to 3,768, after hitting a high of 3,843 and a low of 3,723.