THE MARKETS

The hoopla surrounding the launch of Microsoft Corp's. Windows 95 operating system didn't inspire a rally in technology shares today. The technology-laden Nasdaq composite dipped 7.26 points to end the day at 1020.93. Microsoft itself was down 1 3/4 to close at 96 1/8. The Dow Jones industrial average fell 4.23 points and closed at 4580.62. The Standard and Poor's 500 rose .32, closing at 557.46. The American Stock exchanged also was up slightly (.11) and it closed at 528.92. On the New York Stock Exchange, declining issues led advances 1,108 to 1,077 in moderate trading of 299 million shares. And in London, gold closed at $382.95, down $0.30SPECIAL PHOTO ESSAY: