Stocks extended declines on Friday as a bearish brokerage view on Apple Inc ignited a sell-off in shares of big-cap technology companies and fears over the fate of the banking system persisted.

The Dow Jones industrial average <.DJI> dropped 87.77 points, or 1.33 percent, to 6,506.67. The Standard & Poor's 500 Index <.SPX> dropped 12.26 points, or 1.80 percent, to 670.29. The Nasdaq Composite Index <.IXIC> dropped 26.46 points, or 2.04 percent, to 1,273.13.

(Reporting by Rodrigo Campos; Editing by James Dalgleish)