NEW YORK — The stock market was little changed Thursday in a quiet and drifting pre-holiday session.
Prices of some blue-chip issues recovered from early declines after word reached Wall Street late in the session that President Reagan and Senate Republican leaders had agreed on a budget plan aimed at narrowing the federal deficit.
The Dow Jones average of 30 industrials edged up 0.99 to 1,259.05, cutting its loss for the week to 7.73 points. But most other market indicators finished with small declines.
Volume on the New York Stock Exchange slowed to 86.91 million shares from 95.48 million Wednesday.
Analysts said most traders weren't looking for much from the market Thursday with a long holiday weekend approaching.
Wall Streeters are generally pessimistic about forthcoming earnings reports for the first quarter. Several major companies have already said their results will come in below earlier expectations.
Brokers said traders were also wary about making any big commitments before the Federal Reserve's weekly report on the money supply, due out after the close. As it turned out, the figures showed a $2.8-billion increase in the basic measure of the money supply for the week ended March 25.
CBS climbed 1 3/8 to 111. The stock has been the subject of intense takeover speculation lately, although the company has denied it has any plans for such a transaction. After the close, CBS said its bylaws had been amended to permit the calling of special shareholder meetings only through specified channels.
Cullinet Software was actively traded, down at 26. Early in the session, the stock traded sharply lower, with analysts citing concern about the company's earnings prospects. The issue rebounded, however, after Cullinet said it expected revenue growth to continue at its recent 50% rate for the quarter that ends April 30.
Other computer and technology issues generally were mixed, with fractional price changes. International Business Machines rose 1/2 to 127, Hewlett-Packard gained 3/8 to 33 7/8 and Texas Instruments was up 3/8 at 111 1/8, while Digital Equipment lost 1/8 to 101 7/8.
Integrated Resources climbed 1 3/4 to 19 3/8. The company said it knew of no reason for the rise in its stock price.
In the daily tally on the Big Board, about seven issues declined in price for every six that gained ground. The exchange's composite index slipped 0.06 to 103.71.
Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 108.05 million shares.
Standard & Poor's index of 400 industrials lost 0.07 to 199.63, and S&P's 500-stock composite index was down 0.08 at 179.03.
The NASDAQ composite index for the over-the-counter market dropped 0.42 to 277.44.
At the American Stock Exchange, the market-value index closed at 226.85, off 0.22.
The Wilshire index of 5,000 equities closed at 1,843.391, down 1.601.
Large blocks of 10,000 or more shares traded on the NYSE totaled 1,612, compared to 1,909 on Wednesday.
Bond prices rose as traders were apparently heartened by hopes of progress on reducing the federal budget deficit.
Prices of some long-term Treasury issues were off as much as 1/2 point, or $5 for every $1,000 in face value, at noon.
The market exhibited little reaction after the Fed's report of a $2.8-billion rise in the money supply.
In the secondary market for Treasury bonds, prices of short-term governments were little changed, intermediate maturities rose 1/8 point and long-term issues were up 12/32 point, according to the investment firm of Salomon Bros. Inc.