Toronto stokcs closed lower Friday dragged down by declines in the technology and financial sectors. The S&P/TSX composite index finished down 68.31 points, or 1.11%, at 6,111.11.

Tech issues declined 3.68%, dragged down by Nortel Networks. Nortel finished down 19¢ at 70¢, its lowest level in more than 20 years.

Also in techs, Celestica Inc.fell 88¢to $21.87, while graphics chips maker ATI Technologiesfell 29¢ to $8.21.

The financial services sector slipped 1.76%, following the lead of weak U.S. bank stocks.

Toronto-Dominion Bank fell 75¢ to $27.58, while CIBC shed 85¢ to $39.95.

Standard & Poor’s Ratings Services on Friday lowered its ratings on CIBC, citing concerns over volatile earnings arising from exposure to the telecommunications sector, and merchant banking and capital markets activities.

On the positive side, Bombardier rose 31¢ to $4.95, after announcing it would suspend production of Challenger and Learjet business aircraft and cut 2,000 jobs as it reels from the slump in global aviation that followed the Sept. 11 attacks.

Market momentum was negative, as 531 issues declined, while 444 advanced. Volume was a moderate 174.3 million shares traded, valued in total at $1.93 million.

The junior TSX Venture Exchange declined 4.47 points to 953.26.

In New York, blue-chip stocks fell heavily with the Dow Jones industrial average plunging 295.67 points, or 3.7%, to 7,701.45, while the tech-heavy Nasdaq composite slipped 22.45 points to 1,199.16.

The Canadian dollar finished lower at US63.40¢, compared with US63.46¢ at Thursday’s close.