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Despite indications by both sides in the Chicago school strike that they would bargain around the clock in hopes of ending the walkout by Monday, talks between the Chicago Board of Education and the teachers` union ended with no solution in sight early Friday after eight hours of bargaining.

The board and union traded accusations of blame for the recess in talks, which occurred shortly after 4 a.m. No new talks were scheduled by the federal mediator.

Board President Frank Gardner called it ”another day, another disappointment in negotiations with the teachers.”

”This was the second consecutive session where the board had expected to have lengthy talks with the union that would make some progress toward a solution,” he said, ”but again the union turned on its heels and left the bargaining table.”

But Charles Burdeen, speaking for the union, said the talks were called off because the board dodged discussion of major contract items.

”In eight hours, it took two hours for the board to come up with a document saying we are not going to talk monetary issues,” Burdeen said.

”The board refused once again to discuss monetary issues, salary increases, full restoration of the school year and alleviation of overcrowding in classes.”

Both sides entered Thursday night`s negotiating session in response to a request from Mayor Harold Washington to speed up a resolution to the eight-day strike. Earlier Thursday, Gardner agreed to bargain around the clock but warned that ”we have no additional funds for a pay raise.”

Jacqueline Vaughn, president of the Chicago Teachers Union, largest of 21 striking labor groups, said before talks began, ”We have been saying for months now that we are willing to meet around the clock.”

Meanwhile, about 40 angry parents and students marched outside the State of Illinois Center Friday morning, chanting pleas to Gov. James Thompson and Illinois House Speaker Michael Madigan (D., Chicago) to intervene in the dispute.

A rally set for Friday afternoon outside board headquarters at 1819 W. Pershing Rd. was expected to attract several thousand parents and students, according to coalition leaders, who organized about 20 parent and community groups to protest the closing of schools.

The union wants a two-year contract that includes a 10 percent pay raise the first year and a 5 percent raise the second. The cost is $100 million the first year and $50 million the second.

The teachers also want restoration of three days that the board has cut from the school year to