Toronto stocks closed lower on Friday ahead of a U.S. holiday weekend. A downward revision to first-quarter U.S. gross domestic product and sagging technology shares weighed on markets.

The S&P/TSX Composite Index fell 57.33 points to close at 7667.75.

Overall, 12 of the 13 industry groups lost ground. Information technology stocks were down the most, off 1.75% and the telecommunications services index was off 1.19 per cent. Goldman Sachs added to the negative mood by downgrading the entire chip sector to “market weight” from “market overweight”.

Nortel Networks slipped 6¢ to $3.95. Celestica was off $1.69 to $46.30. Research in Motion fell 39¢ to $25.25.

The health care group fell 1.57%. Biovail fell $1.63 to $54.27, Angiotech Pharma was off $2.75 to $66.25 and QLT Inc. declined 94¢ to $18.26.

The gold group fell 1.2%. Barrick Gold dropped 35¢ to $35.15 and Meridian Gold was off 91¢ to $27.80.

The TSX energy index also had a losing day, off 1.34%. Crude oil for June delivery was quoted at US$25.88 a barrel in New York, down US27¢. EnCana was down 84„ at $46.86; Petro-Canada was off 69¢ at $43.

Financial services conglomerate Dundee Bancorp reported improved first-quarter profits and its shares rose 5¢ to $16.55.

Overall, Decliners beat out advancers 565 to 527 with 217 unchanged in light trading of 183.6 million shares.

The TSX Venture Exchange was up 2.59 to 1,223.01.

On Wall Street, the Dow Jones industrial average fell 73.76 points to 10,142.32. The technology-laden Nasdaq declined 31.52 points to 1,666.11, while the S&P 500 slipped 5.95 to 1,091.13.

The change in the Commerce Department’s estimate of GDP growth — to a 5.6% annual rate, from the 5.8% rate reported earlier — gave traders no incentive to buy ahead of America’s three-day Memorial Day weekend.