Mixed day, strong week on Wall Street
Nasdaq breaks 13-session winning streak after Microsoft and Amazon.com results disappoint. The Dow and S&P 500 muster gains.
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NEW YORK (CNNMoney.com) -- The Nasdaq fell Friday, ending a 13-session winning streak after Microsoft reported a weaker-than-expected quarterly profit. But the broader market mustered gains at the end of an up week on Wall Street.
The Dow Jones industrial average (INDU) gained 24 points or 0.3%. The S&P 500 (SPX) index gained 3 points or 0.3%. The Nasdaq composite (COMP) fell nearly 8 points, or 0.4%, ending a 13-session winning streak that was its best since 1992.
Better-than-expected corporate results and housing sales have propelled stocks this week, leaving the Dow and S&P 500 at more than eight-month highs and the Nasdaq at a more than nine-month high.
But after such a run, investors were a bit wary Friday, particularly after the profit reports failed to impress.
"Microsoft's revenues were light and the quality of the earnings wasn't so great," said Timothy Ghriskey, chief investment officer at Solaris Asset Management.
He said that Microsoft raises worries about the ability of technology to continue leading the market. "Technology has been one of the strongest sections of the market year to date and in the recent run," he said.
Broadcom and Amazon.com's results also go the thumbs down from Wall Street Friday. But other techs, such as Intel and Apple, have impressed investors lately -- and that limited the span of any selloff Thursday.
So far, overall S&P 500 profit reports have been better than expected, said David Chalupnik, head of equities at First American Funds.
"Earnings have mostly been driven by cost cutting, but that was largely expected," Chalupnik said. "Revenues have been light, but there have still been enough."
The perception that corporate profits are stabilizing has helped Wall Street resume the spring advance after a mostly flat May and weaker June. However, "less bad" economic news and profit reports driven by cost cutting won't help stocks in the longer run, Chalupnik said.
"The pace of the market rally can't continue in a slow growth economic environment," he said. "And while companies are good at cutting costs, they aren't going to be able to build things back up soon."
Results: Shares of Microsoft (MSFT, Fortune 500) fell 8.3% Friday on disappointment about the company's quarterly results released late Thursday. The tech leader reported weaker earnings that topped estimates and weaker revenue that missed estimates, blaming a slowdown in the global PC and server markets.
Online retailer Amazon.com (AMZN, Fortune 500) reported weaker earnings that beat estimates on higher revenue that missed forecasts in a late Thursday report. Amazon also forecast third-quarter revenue in a range that met analysts' predictions. The company recently announced it was buying online shoe retailer Zappos.com for $928 million.
Amazon.com fell nearly 8% Friday.
Also late Thursday, Broadcom (BRCM, Fortune 500) reported weaker quarterly sales and earnings that nonetheless topped estimates. The chipmaker also issued a current-quarter revenue forecast that is above analysts' forecasts. However, investors knocked down its shares in the broader tech selloff.
Dow component American Express (AXP, Fortune 500) reported weaker quarterly earnings as a result of the cost of paying back the loan it received from the government last year. However, the earnings still managed to top analysts' forecasts. Shares ended near unchanged.
Sentiment: Consumer sentiment remains weak, according to the latest University of Michigan survey released Friday. Sentiment inched up to 66 from 64.6, versus forecasts for a rise to 65.
Bonds: Treasury prices slipped, raising the yield on the benchmark 10-year note to 3.66% from 3.67% Thursday. Treasury prices and yields move in opposite directions.
Other markets: In global trade, European markets mostly ended lower, while Asian markets ended higher.
In currency trading, the dollar fell against the euro and the Japanese yen.
U.S. light crude oil for September delivery rose 89 cents to settle at $68.05 a barrel on the New York Mercantile Exchange.
COMEX gold for August delivery fell $1.70 to settle at $953.80 an ounce.
Market breadth was positive. On the New York Stock Exchange, winners beat losers by three to two on volume of 1.02 billion shares. On the Nasdaq, advancers beat decliners seven to six on volume of 2.26 billion shares. 
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