September 22, 2002	Sunday	Rajab 14, 1423

NEW YORK, Sept 21: US stocks edged higher on Friday but failed to avoid a fourth losing week, while bond prices held steady as investors kept to government debt on concerns over the US economy and the threat of war with Iraq.

Meanwhile, investors look forward to a crucial Federal Reserve meeting on interest rate policy on Tuesday. Wall Street expectats the central bank to keep interest rates unchanged at 1.75 per cent, a four-decade nadir, given the low inflation, spotty economic data and dour corporate results.

The Dow Jones industrial average remained below 8,000, gaining 43.63 points, or 0.55 per cent, to close at 7,986.02.

For the week, which was marked by profit warnings from companies like computer services company Electronic Data Systems Corp. and financial giant J.P. Morgan Chase & Co. Inc., the Dow fell 3.93 per cent.

On Friday, there was a bright spot for US stocks as Qualcomm Inc. said it would ship more cellular phone chips than previously thought, sending its stock up $2.358, or 9.17 per cent, to $28.08, and lifting the wireless sector.

The Nasdaq Composite Index gained 4.64 points, or 0.38 per cent, to 1,221.09, after rising more than 1 per cent at the open. For the week, the Nasdaq lost 5.44 per cent.

The broader Standard & Poor’s 500 index gained 2.07 points, or 0.25 per cent, to 845.39. For the week the index lost 4.99 per cent.

At the long end, the 30-year bond fell 17/32 to 109-28/32, taking yields to 4.75pc from 4.77pc last Friday.—Reuters