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US: Nasdaq falls on weak tech earnings; oil lifts Dow


[NEW YORK] The Nasdaq tumbled on Friday following disappointing earnings from Google parent Alphabet and from Microsoft, but higher oil prices helped lift the Dow and S&P 500.

Near the closing bell, the Dow Jones Industrial Average was at 18,004.84, up 22.32 points (0.12 per cent).

The broad-based S&P 500 added a scant 0.22 (0.01 per cent) at 2,091.70, while the tech-rich Nasdaq Composite Index sank 39.66 (0.80 per cent) to 4,906.23.

Alphabet shares lost 5.3 per cent after reporting earnings per share that lagged analyst expectations, while Microsoft tumbled 7.1 per cent as it reported a 25 per cent plunge in quarterly profits to US$3.8 billion.

But oil prices pushed higher, lifting Dow members ExxonMobil and Chevron by 0.9 per cent and 0.6 per cent respectively.


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