* Investors were cautious over the past...


* Investors were cautious over the past week as they watched from afar the steep drops that dragged down stocks on world markets. The New York market drifted through the week without a single session in which the Dow Jones industrial average rose or fell by as much as 7 points.

The Dow closed Friday at 3,282.41, down 2.94 points from the week before. The NASDAQ composite index for the over-the-counter market fell 6.32, to 547.88, and the American Stock Exchange market value index lost .35, to 374.04.

* The economy continued to make like a pogo stick. Growth was better than first thought in the first quarter and personal income rose for the fourth month in a row. But orders for long-lasting, expensive goods plummeted and yet more people filed for unemployment benefits.

This got money-minded market types thinking about lower interest rates. Bonds jumped and the dollar sank.

* Wheat and oat futures retreated but corn and soybeans advanced. Wheat for July delivery settled Friday at $3.48 3/4 a bushel, down from $3.57 1/4 a week earlier; July corn rose to $2.54 a bushel from $2.51 1/4 ; July oats slipped to $1.31 3/4 a bushel from $1.32 3/4 ; July soybeans climbed to $6.08 a bushel from $6.03 1/4 .

* Precious metals had a mixed week. June gold rose to $342.50 a troy ounce from $340.80; July silver slumped to $3.975 a troy ounce from $4.023.

* Energy futures had a mixed week. Light sweet crude oil for tTC August delivery rose to $22.44 a barrel from $22.35; July heating oil climbed to 62.27 cents a gallon from 61.46 cents; July unleaded gasoline fell to 62.90 cents a gallon from 65.35 cents; August natural gas dropped to $1.519 per 1,000 cubic feet from $1.527.

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