Nasdaq ends 12-day run of gains; Dow, S&P 500 rise

By Ellis Mnyandu NEW YORK (Reuters) - The Nasdaq fell on Friday, halting a 12-day run-up, following Microsoft Corp’s (MSFT.O) disappointing quarterly results, but gains in pharmaceutical and energy shares lifted the Dow and the S&P 500 to fresh 8-month closing highs. Microsoft shares slid 8.3 percent to $23.45, a day after the software maker posted quarterly revenue below Wall Street’s estimates. Web retailer Amazon.com Inc (AMZN.O) also missed sales expectations, driving its stock down 7.9 percent to $86.49. The results cast a cloud over what is so far shaping up to be a stronger-than-expected second-quarter earnings season. Even so, investors took Wall Street’s initial drop on Friday as an opportunity to scoop up shares in other sectors, including energy and defensive plays such as big pharmaceuticals and utilities. “Microsoft is going through a product transition and no great visibility on the Windows franchise, but in general, the tone this quarter for a good many companies has been strong,” said Owen Fitzpatrick, head of the U.[...]

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