Gambling stocks jumped ahead while the rest of the market drifted lower in slackened trading today.

The Dow Jones average of 30 industrials, which had climbed almost 60 points over the past five weeks, slipped 1.99 to 873.70.

New York Stock Exchange volume dropped off to 27.23 million shares from Friday's total of 34.71 million.

Analysts said many investors seemed to have taken a cautious position on the belief that the market was due for a pause after its recent rise.With the rest of the market quieting down, most of the action reverted to the often-volatile gambling group.

Among the Big Board volume leaders, Caesars World climed 4 1/2 to 67 1/8; Hilton Hotels added 2 3/8 to 33; Bally Manufacturing 3 to 69 1/2, and Holiday Inns 1 3/4 to 18 3/8.

Metro-Goldwyn-Mayer gained 1 3/8 to 24; Harrah's 1 3/8 to 25 1/2, and Ramada Inns 5/8 to 11.

Resorts International class a shares, up 1 3/4 at 49 7/8, topped the active list at the American Stock Exchange.

Elsewhere in the market, F. W. Woolworth did not trade on the NYSE following the announcement that Brascan Ltd., a Canadian company, planned a $35-a-share offer for Woolworth. The Pacific Stock Exchange reported a single 200-share transaction in the stock at 25 5/8, down 3/8.

Brascan's class A stock did not trade during the day at the Amex.

The daily tally on the NYSE showed about five losers for every three stocks that advanced. The exchange's composite index dropped .16 to 57.88.

Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, came to 30.88 million shares.

Standard & Poor's index of 400 industrials lost .39 to 114.85, and S&P's 500-stock composite index was down .31 to 102.87.

The American exchange's market value index fell .64 to 181.10.

In the over-the-counter market, the NASDAQ composite index eased .01 to 133.74. Toys R Us dropped 1/2 to 16 1/8 despite the company's report of the higher quarterly earnings. CAPTION: Chart, no caption, The Washington Post