Cautious buyers focus on blue chips

? Wall Street ended an uninspiring earnings week with another lackluster session Friday, as investors settled for safer blue chips and once again shied away from tech stocks.

Investors were encouraged by a brokerage house upgrade of Microsoft and some better-than-expected results from companies including Sun Microsystems and International Paper.

At the same time, “there is a lack of enthusiasm here, a lack of greed, a lack of confidence about the market’s future,” said A.C. Moore, chief investment strategist for Dunvegan Associates.

Microsoft, a Dow stock, climbed 83 cents to $57.20 after Merrill Lynch raised its rating to “buy” from “neutral,” citing in part an attractive share price.

The upgrade and the advance came despite Microsoft’s weaker-than-expected fiscal third-quarter profits, released late Thursday, and its warning of lower earnings for the fourth quarter.