Dow Gains 17 in Quiet Pre-Holiday Trading

NEW YORK — stock market put together its second straight advance Friday, but trading slowed on the eve of the long Memorial Day weekend.

The Dow Jones average of 30 industrials climbed 17.43 to 2,243.20, reducing its loss for the week to 29.32.

New York Stock Exchange volumed totaled 135.82 million shares, down from 164.83 million Thursday and the lightest since a 134.93-million-share day on March 16.

Before the market opened, the Labor Department reported that the consumer price index rose 0.4% in April, matching the increases posted in February and March.

Analysts said the news was greeted with some relief by investors who have been fearful lately that inflation is worsening.

The credit markets also staged a robust rally after release of the economic data. The Treasury’s 30-year bond jumped about 1 points, or $12.50 per $1,000 face amount, while its yield fell to 8.91% from 9.04%.

In another government report, the Commerce Department said the nation’s gross national product grew at a 4.4% annual rate, after adjustment for inflation, in the first quarter of the year. GNP growth for the quarter had been previously estimated at 4.3%.

Among the NYSE blue chips, Ford Motor gained 1 3/4 to 90 5/8; Procter & Gamble rose 2 at 88; American Telephone & Telegraph added 1/8 to 25 3/8, and Minnesota Mining & Manufacturing climbed 5/8 to 126 7/8.

Digital Equipment led gainers, adding 5 1/2 at 155. Enthusiasm for the stock was attributed in part to anticipation of its new ventures with Cray Research. Cray, which recently told analysts its earnings estimates for this year were too high, fell 3 1/2 to 99.

Harcourt Brace Jovanovich dropped 2 3/8 to 43 3/8. The company said it retained First Boston to help defend against a takeover bid by British publisher Robert Maxwell.

Kaufman & Broad, which cited unfavorable market conditions in withdrawing a stock offering, gained 1 1/8 to 21.

Advancing issues outnumbered declines by nearly three to two in the overall tally on the NYSE.

In the bond market, meanwhile, corporate and municipal bonds also posted healthy gains.

The federal funds rate, the interest on overnight loans between banks, traded at 6.75%, unchanged from Thursday.