March 27, 1986

A dispatch on the Washington Talk page yesterday, about political action committees operated by members of Congress, misidentified the leadership of one such committee, Independent Action, Representative Morris K, Udall, Democrat of Arizona, the leader in 1984, relinquished that role in 1985. The new leaders are Senator Tom Harkin of Iowa and Representative Sala Burton of California, both Democrats.

Reagan Administration officials said today that United States flight and naval operations in disputed waters near Libya may end before the scheduled conclusion next Tuesday provided that Libya did not resume armed opposition to the American maneuvers. A ranking White House official said late today that the withdrawal of the Navy's 30-ship armada was tentatively scheduled to start on Thursday, but hinged on whether Libya restrained or resumed missile fire at Navy aircraft. Since American retaliation began Monday for what the United States has said were Libyan SAM-5 missile attacks, there has been no reported military response from the Government of Col. Muammar el-Qaddafi except for sorties by small naval craft. ''We were over there to make a point and we've made our point,'' said the official. ''Regardless of what Qaddafi says, by international law we are allowed to go into international waters and we've stayed in those waters.''

The Senate voted today to authorize new water construction projects that could cost up to $11.5 billion and, for the first time, adopted a broad requirement that beneficiaries share the costs. The legislation was approved by voice vote without dissent. The legislation paves the way for a large-scale program to build and improve ports, harbors, inland waterways, dams and other water projects for the first time in nearly two decades. The last time a major water construction bill was passed was in 1970. The bill, which sets ceilings on funds to be provided in separate legislation, would allot up to $676 million for water projects in New York State, New Jersey and Connecticut.

Markets Stock prices rose sharply to record levels, benefiting from a steep decline in interest rates. The Dow Jones industrial average, after several days of unpredictable movements, gained 32.20 points, to 1,810.70. Broader indexes also hit highs. Prices gathered momentum in the afternoon when interest rates in the bond market fell sharply. Wall Street was also pleased that stock prices did not suffer a full-scale correction after Friday's setback. Trading was active at 161.5 million shares. [ Page D1. ] Bond prices surged again, bolstered by lower oil prices and hopes that inflation will move to even lower levels. The yield on the 30-year Treasury bond fell to 7.77 percent. [ D19. ] Treasury bond futures rose to the highest price levels in eight years. [ D22. ] Yields on certificates of deposit and other accounts fell in the week. [ D21. ]

In the spring, baseball people say, anything seems possible. Everyone is still a winner, and any dream just might come true. Yesterday, spring was in the air - 75 degrees of it - and in Brooklyn they talked of bringing baseball back and fulfilling a dream born when the Dodgers moved West 28 years ago.