The stock market ended a dull session Friday at mostly mixed levels.

The Dow Jones average of 30 industrials fell 7.38 to close at 2,886.63. The key index lost 33.54 points for the week.Losing issues outnumbered advancing ones by about 6 to 5 in nationwide trading of New York Stock Exchange-listed stocks, with 684 up, 813 down and 544 unchanged.

Volume on the floor of the Big Board came to 174.21 million shares, up from 154.46 million in the previous session.

Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 212.17 million shares.

Stock prices continued their trend of mirroring activity on the bond market, falling when the bellwether 30-year Treasury bond sank $5 for every $1,000 in face value in the early going.

But a spurt of buying sent bond prices dramatically higher around midday, and stock prices advanced in tandem. The Dow Jones average stepped into positive territory briefly but then retreated.

"The market was rather lethargic after the opening and drifted all day," said Tom Walsh, a vice president at Nikko Securities Co. International Inc.

Analysts had anticipated a spurt of activity near the close because of the simultaneous expiration of stock-index options and individual stock options.

The so-called "double-witching hour" often increases volatility, but it appeared to have little effect on Friday.

"A lot of people stayed on the sidelines waiting to see what effect" the double-witching hour would have, said Gene Jay Seagle, a vice president with Gruntal Financial Inc.

He noted that the breadth of the market, as measured by the ratio of advancing stocks to declining stocks, was running "relatively flat," indicating a lack of direction.

"We have a lack of buying but nothing in the way of liquidation," Seagle said.

Compaq Computer, which earlier this week said it would report sharply lower quarterly earnings and buy back up to 10 million shares, was the most actively trade Big Board issue, with more than 5 million shares changing hands. It closed unchanged at 353/4.

Among other actively traded issues, Ann Taylor Stores, which began trading Friday, was unchanged at 267/8; Philip Morris lost 7/8 to 647/8; AT&T lost 1/8 to 36; IBM lost 3/8 to 1033/4, and General Motors was down 5/8 at 363/8.

As measured by Wilshire Associates' index of more than 5,000 actively traded stocks, the market added $1.69 billion, or 0.05 percent, in value.

The NYSE's composite index of all its listed common stocks gained 0.11 to 204.15.

Standard & Poor's industrial index rose 0.10 to 443.33; and S&P's 500-stock composite index at closed at 372.39, up 0.20.

The NASDAQ composite index for the over-the-counter market lost 0.39 to 481.38. At the American Stock Exchange, the market value index closed at 358.01, off 0.24.