May 12, 1988

LEAD: A new study has shown that stearic acid, one of the main saturated fats in beef and chocolate, may actually lower cholesterol levels in the blood and thus moderate the cholesterol-raising effect of other saturated fats in these foods.

LEAD: On Sunday, with ''horns, bells and whistles,'' according to its director, the Connecticut State Lottery went on line with its new computer system. Yesterday, with the alarm sounded by two ticket sellers who knew they weren't entitled to $16,500 they had won, the entire system was shut down for most of the day.

LEAD: Coudert Brothers, a Park Avenue law firm, earlier this year sent a partner to practice full time in Moscow. Shortly before that, Baker & McKenzie, the mammoth Chicago firm with more than 1,000 lawyers, established offices in Budapest and Barcelona. And Kelley Drye & Warren has hired a New Delhi lawyer to serve clients with Indian interests.

LEAD: Since the 85-year-old Williamsburg Bridge was closed to vehicles nearly a month ago, merchants on both sides of it have coped with the sudden disappearance of their customers by cleaning, pacing and looking for any conceivable sign that the bridge will reopen.

LEAD: New York State and the Long Island Lighting Company have reached several ''agreements in principle'' that are likely to result in the abandonment of the $5.3 billion Shoreham nuclear power plant. It would be the first time in the United States that a completed nuclear plant was shut down before it began operating.