NEW YORK, NOV. 20 -- Following weeks of increasingly intense speculation here about the outcome of budget talks between Congress and the White House, Wall Street reacted unenthusiastically to the $76 billion accord announced today.

The Dow Jones average of 30 industrials, down more than 30 points in early trading, closed up 18.24 to 1913.63, cutting its loss for the week to 21.38 points.

Broader market indexes moved higher, although decliners outnumbered advancers on the New York Stock Exchange by about 8-to-7.

Big Board volume totaled 189.17 million shares, up from 157.14 million in the previous session.

Although the Dow gained about 10 points in the last half hour of trading, when President Reagan was announcing the agreement, investors, executives and analysts said they expect financial markets in the United States and abroad to show modest disapproval of the deal when trading resumes next week. But several Wall Street officials agreed that much still depends on how the compromise is greeted in the two houses of Congress and on whether the White House can successfully defend the package.

"I'm very glad that they did take some action {but} it's clearly not enough," said Donald Marron, chief executive of PaineWebber Inc. "What's important is the way they treat the situation going forward... . If the president and the Congress can't act under the twin pressures of Black Monday and Gramm-Rudman -- when can they act?"

Other senior Wall Street officials who were unwilling to be quoted by name were far less generous in their assessment of the compromise. Several of them rankled at President Reagan's seeming indifference to Wall Street's concern about the budget compromise.

"It's pathetic -- that's the only word you can use to describe it," said one senior official at a large Wall Street investment bank. "My sense from the trading floor, particularly in Europe, is that it {the compromise} is just viewed as absolute nonsense."

Stocks had fallen sharply as New York trading opened Friday, but rebounded amid a stream of sometimes-conflicting reports that an agreement had been reached and was on its way to the White House.

Activity in the blue chips was especially volatile, with the Dow industrials swinging through a nearly 50 point range during the day and moving up or down in response to the latest reports from Washington.

For the last two weeks professionals in the financial markets have been riding speculative waves in reaction to news about the budget talks in Washington. The amount of reductions announced today falls squarely within the range of many trader's expectations.

"They did the bare minimum vis a vis what the stock market and bond market would like," said Steve Einhorn, partner and cochairman of investment policy at Goldman, Sachs & Co., a large Wall Street firm. "They didn't surprise the market on the positive side. They didn't take that extra step."

He said, "I wouldn't expect anything positive in terms of price movement next week."

In today's trading, General Electric rose 7/8 to 45 1/4, IBM rose 2 1/8 to 117 3/4, Exxon rose 7/8 to 40 1/4 and AT&T finished unchanged at 28 1/4.

Takeover-related issues were active. Bell & Howell, whose management is negotiating a leveraged buyout with an investor group led by Robert Bass, rose 1 7/8 to 67, on top of a 5-point gain Thursday.

Singer, which faces a $50 a share hostile takeover offer from investor Paul Bilzerian, rose 4 1/2 to 53 3/4 after announcing it was holding preliminary merger talks with other companies.

Irving Bank rose 2 1/8 to 50 7/8. Bank of New York revised its previous buyout offer for Irving to reduce the cash portion of its bid while increasing the number of its shares Irving stockholders would receive.

Looking ahead to next week, Wall Street officials emphasized that foreign reaction to the budget announcement will be at least as important as responses in the major U.S. financial markets. If overseas investors are disappointed in the compromise, selling abroad could ripple into the U.S. markets.

The level of interest in the outcome of the budget talks, given the presence of automatic cuts under Gramm-Rudman and the fact that the budget deficit has loomed over the stock market for years, has puzzled some on Wall Street.

"That everyone has become obsessed with the issue reflects the level of uncertainty on Wall Street," said Tom Tisch, a New York investor. "The fact is that Gramm-Rudman in and of itself accomplishes about $23 billion of the work. We're talking about the president in the seventh year of his term, not a president in the first year," whose budget would have a more enduring impact.

Still, several senior Wall Street officials agreed, the issue in the budget compromise remains less a matter of numbers than of leadership. And on that score, the financial community continues to worry -- and wait.

"The jury is still out but I think the opportunity is there," said Paine Webber's Marron. "The down side is that if they can't make it happen that's a real negative."