The usual way to do this is to return false from your javascript click handler. This will both prevent the event from bubbling up and cancel the normal action of the event. It’s been my experience that this is typically the behavior you want.
jQuery example:
$('.closeLink').click( function() {
...do the close action...
return false;
});
If you want to simply prevent the normal action you can, instead, simply use preventDefault.
$('.closeLink').click( function(e) {
e.preventDefault();
... do the close action...
});