July 4, 1991

Fireworks: East River, 9 P.M. Viewing from East 23d to East 42d Street F.D.R. Drive southbound will be closed from 7:30 to 10 P.M. from 14th to 42d Street. Here are holiday schedules. New York Government offices: Closed. Post offices: Express Mail and special delivery only. Main post office open at 33d Street and Eighth Avenue. Banks: Closed. Parking: Sunday rules in effect Sanitation: No collection. Financial markets: Closed. Transportation: Subways and buses on Saturday schedule. Long Island Rail Road and Metro-North on holiday schedule Libraries: closed New Jersey Government offices: Closed Post offices: Express Mail and special delivery only. Banks: closed. Transportation: N.J. Transit trains and buses on holiday schedule. Connecticut Government offices: Closed Post offices: Express Mail and special delivery only. Banks: closed. Transportation: New Haven Line on holiday schedule.

LIKE clockwork, a neighborhood resident, a tourist and a homeless person will walk by 172 Duane Street on any given day, climb onto the loading dock outside and peer through the cast-iron arches and the glass panes and the glass blocks. Each goes inside and asks what the building is. Is it a law firm? A gallery? A caterer? An architect's office?

A revival of the high-risk "junk bond" market pushed up the value of high-yield fixed-income funds in the second quarter of this year and made them the star performers among all bond mutual funds. New figures by Lipper Analytical Services Inc. also show that a rise in interest rates from April to June lifted 93 percent of all bond funds. The average return for all taxable bond funds was 2.05 percent. And junk-bond funds rose by 6.54 percent.

COMPANIES Apple Computer and I.B.M. have signed a letter of intent to work together to create advanced software and powerful computers in a deal that, despite being rumored for weeks, still had the industry abuzz when it was officially announced. [ Page A1. ]

Apple Computer Inc. and I.B.M., longtime archenemies, threw in their lots together today in a bold attempt to maintain their powerful yet threatened positions in the computer industry. The two companies have signed a letter of intent to work together to create advanced software and powerful computers in a deal that despite being rumored for weeks still had the industry abuzz when it was officially announced.