Stocks closed lower as Wall Street ended a holiday-shortened week on a down note. The S&P 500 fell 1.1% Friday and the the Dow Jones industrial average lost0.8%.

Technology stocks are dragging down the market Friday as Wall Street closes out a holiday-shortened week. The S&P 500 fell 1.3%, with more than 90% of stocks in the benchmark index losing ground. The benchmark index was managing to hold onto a modest gain for the week.

Stocks fell broadly on Friday as Wall Street closed out a holiday-shortened week on a down note. The losses were made worse by sharp declines for the Big Tech stocks known as the “Magnificent 7”, which can heavily influence the direction of the market because of their large size.

Stocks fell broadly Friday as Wall Street closed out a holiday-shortened week on a down note. The losses were made worse by sharp declines for the Big Tech stocks known as the "Magnificent 7," which can heavily influence the direction of the market because of their large size.