Warning on possible attacks shrugged off by investors

Dow Jones Industrial Average: 10,257.11 (+51

Dow Jones Industrial Average: 10,257.11 (+51.83)Blue-chip stocks rose yesterday, wrapping up the first winning week for the market in a month, as investors shrugged off a US government warning about possible attacks against US financial institutions.

The FBI said early yesterday afternoon it had received "unsubstantiated information" that "unspecified terrorists" are considering such attacks. But traders said the market held up after an initial knee-jerk reaction to sell stocks.

International Paper gained 84 cents, or 2 per cent, to $42.17, bolstering the blue-chip Dow after it posted a net profit for the first time in seven quarters, on cost-cutting initiatives. On the negative side, Qwest Communications led a decline of telecommunications stocks after it joined several others who issued 2002 profit warnings. Qwest lost 97 cents, or nearly 13 per cent, to $6.60.

Microsoft sent a shudder through global stock markets overnight with a cautious outlook and soft revenues, announced late on Thursday. But sentiment changed as analysts focused on its operating income, which made its results look better than they had at first. Microsoft rose 83 cents, or 1.5 per cent, to $57.20.