BIZWATCH : MARKETS.

MARKET LOGIC: Stocks advanced for the second straight session Friday as the Dow Jones industrial average rose 51.05 points to 5,473.06.

Despite the growing confidence levels about earnings, however, the market continued to swing widely in the aftermath of last week's sell-off. It was the 10th straight session in which the Dow industrials moved more than 50 points, triggering New York Stock Exchange curbs on computer-driven trading.

The volatile Nasdaq market, meanwhile, produced its eighth move of more than 1 percent in 10 sessions, rallying for the second straight day as technology shares rebounded again.

MOVING ON

ABC APPOINTMENTS: Barbara Lieberman, vice president of motion pictures for television and miniseries at ABC Entertainment since 1993, has been named ABC's new senior vice president, motion pictures for television and miniseries.

ABC Entertainment President Jamie Tarses on Friday said Lieberman will be responsible for the development and production of all made-for-television movies and miniseries on the ABC Television Network.

In addition, Maura Dunbar, executive director of motion pictures for television and miniseries since 1993, is being promoted to the newly created position of vice president, miniseries and special projects, ABC Entertainment. In reporting to Lieberman, Dunbar will directly oversee all miniseries development and production.

The appointments are effective Aug. 12.

EDITORS QUIT: The two top editors at Outdoor Life magazine quit after being overruled on their plans to run an article on bear baiting in the September issue.

Steven W. Byers, the magazine's editor in chief, and Will Bourne, the executive editor, quit Thursday, a spokeswoman for the magazine's owner, Times Mirror Co., confirmed Friday.

The editors had planned to run a story critical of bear baiting, in which raw fish or meat is set out in heavily wooded areas to attract black bears that hunters might not otherwise see.The New York Times reported that the article was killed after hunters rights groups protested.

``It was one of those situations where you either sucked it up and quit or you don't and are forced to represent something that you think is essentially gutless,'' Bourne told the Times.

MEMO

MILKEN STILL ON THE HOOK: Michael Milken's punishment has been extended for a third time this year.

Aug. 1 was to have been the last day of a three-year probation for the ex-junk bond king, the central figure in one of Wall Street's biggest securities fraud scandals.

But a federal judge this week extended Milken's probation by three more months to give the Securities and Exchange Commission additional time to investigate whether Milken's recent business dealings violated the terms of his punishment.

Milken said through a spokesman Friday that he has done nothing improper in his business dealings.

NOTHING TO SNEEZE AT: Hay fever sufferers who abandoned the popular antihistamine Seldane because of potentially deadly side effects will soon be able to buy a new, safer version.

The Food and Drug Administration approved the new version - to be called Allegra - on Friday, a decision that could shake up the highly competitive, $1 billion market for allergy drugs.

The approval prompted shares of Sepracor Inc., which originated the idea, to soar while Schering Plough Corp., maker of Seldane's main competitor, Claritin, fell.

CAPTION(S):

2 Charts

Chart: (1) DOW INDUSTRIALS

(2) HIRING MINORITIES