Object came from southwest horizon heading northeast. Brightly colored as if burning.

I was about 10 yrs old and my best friend was 12.  One summer night we were walking down a street in our neighborhood.  There were no street lights.  We observed a brightly lit, numerous colored object that seemed to be burning.  It was giving off all the colors of the spectrum.  Could of been something reentering our atmosphere, that would explain the burning.  Always puzzled me and my friend. I don't recall hearing about anything from in the news about it.  My mother hadn't either.  The object was rather large.  Directly over head it appeared to be the size of a quarter if held up at arms length.  We watched it for about 90 seconds and it never stopped burning.