(Newser) – Stocks closed lower on Wall Street Wednesday, led by drops in big technology companies and erasing the S&P 500's gains for the week. The S&P 500 fell 31.16 points, or 0.7%, to 4.274.14. The Dow Jones Industrial Average fell 171.69 points, or 0.5%, to 33,980.32, and the Nasdaq fell 164.43 points, or 1.3% to 12,938.12. Small-company stocks fell more than the rest of the market. he Russell 2000 index of smaller companies fell 33.22 points, or 1.6%, to 1,987.31. Wall Street was absorbing a mix of retail updates that showed inflation pressure continues to affect businesses and consumers, but spending remains strong, the AP reports.

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