Stocks closed more than 2 percent lower on Friday after the top German official at the European Central Bank resigned in protest of the bank's bond-buying program, which has been a major tool in fighting the region's debt crisis.

Based on the latest available data, the Dow Jones industrial average <.DJI> was down 303.53 points, or 2.69 percent, at 10,992.28. The Standard & Poor's 500 Index <.SPX> was down 31.65 points, or 2.67 percent, at 1,154.25. The Nasdaq Composite Index <.IXIC> was down 61.15 points, or 2.42 percent, at 2,467.99.

(Reporting by Caroline Valetkevitch; Editing by Leslie Adler)