Troy, Mich.-based K mart said its board of directors has authorized the repurchase of up to $500 million of the company's common stock on the open market and through negotiated transactions . . . The Investment Company Institute reported that the assets of the nation's 411 money market mutual funds fell $665.2 million to $262.05 billion in the week ended Nov. 24 . . . The board of Marsh & McLennan Cos., New York, has approved the acquisition of Temple, Barker & Sloane Inc., the management consulting firm. . . . Baker Hughes Inc. reported the number of oil and gas drilling rigs working in the United States last week dropped by 22 to total 1,152. A year ago, the count totaled 910.