* All three indexes rise to 2-month highs
* Alphabet, Amazon, Microsoft spark rally in tech stocks
* Pandora, Skechers sink after poor results
* Whirlpool gives up early gains, turns negative
* Indexes up: Dow 0.50 pct, S&P 0.69 pct, Nasdaq 1.84 pct (Adds details, comment, updates prices)
By Abhiram Nandakumar
Oct 23 (Reuters) - All three major U.S. indexes rose to two-month highs on Friday, after an unexpected rate cut in China amplified a rally driven by strong results from Microsoft, Alphabet and Amazon.
Microsoft’s shares rose 11.61 percent to $53.61, their highest in 15 years, after the company’s adjusted revenue beat expectations for the ninth quarter in a row.
Microsoft gave the biggest boost to the three indexes, accounting for a third of the near 100-point jump in the Dow and leading a strong rally in technology stocks.
Alphabet, Google’s new holding company, and Amazon soared to record highs after their results beat expectations. Alphabet rose 10.5 percent to $752.50, while Amazon rose to $619.45.
Apple rose more than 2.4 percent to $118.24. Facebook rose 1 percent to breach the $100 mark for the first time, while Twitter was up 2.9 percent at $29.96.
“Of all the companies out there, it’s the tech companies ... that are doing the best at growing their top line,” said Tim Courtney, chief investment officer of Exencial Wealth Advisors, who added that revenue growth was still the biggest risk for U.S. companies.
At 11:26 a.m. ET (1526 GMT), the Dow Jones industrial average was up 87.32 points, or 0.5 percent, at 17,576.48, the S&P 500 was up 14.24 points, or 0.69 percent, at 2,066.75 and the Nasdaq composite index was up 90.51 points, or 1.84 percent, at 5,010.56.
The S&P information technology sector’s 2.9 percent rise led the seven gainers among 10 major S&P sectors.
China’s central bank cut interest rates for the sixth time since November on Friday in another attempt to jumpstart a slowing economy.
“Some of the worst fears associated with China were put to bed at least temporarily,” said Ernie Cecilia, chief investment officer of Bryn Mawr Trust.
Global markets extended gains after the news from China, a day after the European Central Bank signaled that it was ready to extend its stimulus plan.
Analyst sentiment on overall third-quarter earnings has improved following the string of strong results from blue chips.
S&P 500 earnings for the period are now expected to decline a more modest 3.3 percent than the 4.9 percent forecast at the start of the reporting season, according to Thomson Reuters data.
Whirlpool reversed early gains and fell 6.8 percent to $148.76 after lowering the top end of its full-year profit forecast.
Procter & Gamble rose 2 percent to $76.37 after profit beat estimates.
Pandora sank 31 percent to $13.25 after the music streaming service provider reported a bigger loss.
Skechers tanked 34 percent to $30.40 after its revenue missed estimates.
Advancing issues outnumbered decliners on the NYSE by 1,760 to 1,176. On the Nasdaq, 1,745 issues rose and 916 fell.
The S&P 500 index showed 51 new 52-week highs and 13 new lows, while the Nasdaq recorded 112 new highs and 38 new lows. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Don Sebastian)