The stock market rose for the fifth day in a row yesterday as the Dow Jones industrial average climbed 20.56 points and closed above the 2000 level, encouraging hopes that stability is returning to Wall Street.

Trading was only moderate, totaling 176 million shares compared with 303 million Friday -- another sign of more normal times, at least for the present.

But some analysts were reluctant to declare the crisis over.

"It's not at all clear that we're in calm waters," said Charles Akre Jr., director of research at Johnston, Lemon & Co. Inc. "I've been nibbling away in the market but I'm being real cautious."

The past two Mondays have brought historic troubles to Wall Street -- a 508-point loss in the Dow on Oct. 19 and a 157-point drop on Oct. 26. But yesterday's trading -- which moved the Dow down 26 points in the morning, then up for a net gain of 20.56 to 2014.09 -- was seen by some analysts as routine.

"A boring market would be the best market we could have," said Michael Metz, market strategist at Oppenheimer & Co. Inc. "And frankly I think we're seeing it emerging."

Analysts blamed the morning's fall on a decline in the bond market, which was said to be reacting nervously to new issues that the Treasury Department is to begin today. The bond markets recovered their strength by the end of the day, however.

Yesterday's trading on the New York Stock Exchange ended at 2:30 p.m. as Wall Street edged back to its usual 4 p.m. close. The market had been closing at 2 p.m. for the past eight days to give brokerage firms a chance to catch up with their orders.

At the end of the day, 1,089 NYSE issues had advanced, 614 had declined and 295 were unchanged.

Standard & Poor's 500-stock index rose 3.95 points to 255.74. The New York Stock Exchange composite index gained 1.94 to close at 142.74. The American Stock Exchange composite index rose 1.37 to 261.73, with the average price per share rising 6 cents.

"This is what happens once the initial emotional participation in the market is over," Metz said. "The sense of urgency is gone. The forced liquidation is gone. Those people who think they're buying at the absolute bottom are gone. So you have a more deliberate trading process."

Mutual funds also reported business moving toward normal. A spokeswoman for Fidelity Investments, the Boston-based firm that manages about $75 billion of assets, said telephone calls to the firm, a broad measure of investor concerns, had returned to their normal daily levels of about 90,000 to 110,000.

Mutual fund operators, using T. Rowe Price Associates Inc., moved a large chunk of funds back into stocks from money market accounts last Wednesday, Vice President Steven E. Norwitz said. But late last week, redemptions by investors leaving the funds entirely were still outstripping new purchases, he said. He declined to give numbers but said the net outflow was not significant.

Overseas stock markets were relatively stable yesterday, too, with some rising and some falling. The Tokyo market, which opened for Monday trading at 7 p.m. Sunday evening Eastern time, rose a fraction of 1 percent as measured by its Nikkei index, following a 2.5 percent rise in trading there on Saturday morning.

London's market, the third important world stock center, was down slightly yesterday, with the Financial Times index of 100 stocks off 1.5 percent. On the trading floor, Union Carbide was the most active NYSE-listed issue, gaining 7/8 to 22.

It was followed by AT&T, which rose 1/8 to 30. Dayton Power & Light was third, down 3/8 to 23 1/8.

Santa Fe Southern Pacific jumped 4 3/4 to 55. Henley Group offered $63 a share for the 85 percent of the railroad giant it does not already own. Henley fell 1 5/8 to 20 5/8.