The Standard and Poor's 500 set its second record high in New York in a week yesterday, but most stocks rose only modestly as all Street turned cautious again.

The Dow Jones industrial average rose 8.22 to 8,943.80 after returning most of an early 56point gain. It finished the week 230.93 higher.

It was the fourth gain in a row for the Dow, but the second straight session in which the bluechip barometer retreated into the close, barely finishing higher.

Broad-market indicators were mixed, with advancing issues outnumbering decliners narrowly.

Still, the S and P 500 posted enough of a gain to erase Thursday's small drop and top Wednesday's all-time high of 1,132.89.