Market Runs in Neutral After a 4-Day Rally

The stock market showed no clear trend Friday, running into some resistance after the rally of the previous four sessions.

The Dow Jones average of 30 industrials slipped 0.56 to 1,877.81, barely trimming its gain for the week to 45.55 points.

Energy issues were strong for the second straight session, on conjecture that Saudi Arabia’s change of petroleum ministers this week might set the stage for higher oil prices. Mobil rose 3/4 to 38; Chevron rose 1 to 44 5/8; Amoco rose 1 to 65 3/8; Atlantic Richfield gained 1 1/8 to 56 3/4, and Exxon climbed 3/8 to 68.

Bond Prices Retreated

Prices on the bond markets retreated slightly in subdued trading.

The price of the Treasury’s bellwether 30-year issue slipped 62.5 cents for each $1,000 in face value as its yield edged up to 7.62% from 7.61% late Thursday.

In the secondary market for Treasury bonds, prices of short-term governments were unchanged, intermediate maturities fell 1/8 point and long-term issues were down 1/16 point, according to Salomon Bros.

Among tax-exempt municipal bonds, general obligations fell point and revenue bonds were down 1/8 point.

Yields on three-month Treasury bills rose 3 basis points to 5.21%. Six-month bills rose 5 basis points to 5.28% and one-year bills were up 11 basis points at 5.41%.

The federal funds rate, the interest on overnight loans between banks, traded at 5.875%.