25 Jul 2009

Nasdaq ends 12-day run

11:01 am on 25 July 2009

The Nasdaq fell on Friday, halting a 12-day run, but gains in pharmaceutical and energy shares lifted the Dow and the S&P 500.

Shares in Microsoft Corp slid 8.3% to $US23.45. Amazon.com Inc was also down 7.9% to $US86.49.

Microsoft announced late on Thursday that profit fell 29% and sales dropped 17% in the final quarter of its fiscal year.

Another increase in oil prices saw energy stocks rise: ExxonMobil was up 0.95% to $US72.29 and Chevron added 0.8% to $US68.43.

However, the Dow Jones industrial average rose 23.95 points, or 0.26%, to 9,093.24.

Standard & Poor's 500 Index advanced 2.97 points, or 0.3%, to 979.26. But the Nasdaq Composite Index shed 7.64 points, or 0.39%, to 1,965.96.

The Nasdaq's 12-day winning streak was its longest unbroken run since 1992.

Investors took an initial drop as an opportunity to buy shares in other sectors.

Volume was light on the New York Stock Exchange, with about 1.02 billion shares changing hands - well below last year's estimated daily average of 1.49 billion.

About 2.25 billion shares were traded on the Nasdaq - last year's daily average was 2.28 billion.