Stocks Recover a Little -- Except Nasdaq

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Blue-chips and the broader market have come off their lows today, but the tech-heavy

Nasdaq Composite Index

is continuing to get buried.

The Dow Jones Industrial Average

was off 86 to 7965. In the broader market, the

S&P 500

has given up 16 to 1011. Meanwhile, the tech-laden

Nasdaq Composite Index

has relinquished 70, or 4.3%, to 1570. Small-cap stocks have been hit today, too, as the

Russell 2000

has surrendered 13, or 3.5%, to 346.

This week, equities might get an "air pocket" on the plus side, said Steven Goldman, market strategist at

Weeden

in Greenwich, Conn. The longest it will last though, is only a couple of days, he said.

Down the road, the next couple of months could be grim.

"I don't think we'll have anything sustainable on the upside," Goldman said.

Treasuries firmed modestly earlier thanks to the stock weakness but were lately noncommittal. Out long, the 30-year Treasury bond was down 1/32 to 102 9/32, yielding 5.35%.

Market breadth continued on the crimson side. On the

New York Stock Exchange

, decliners were beating advancers 2,445 to 633 on 558 million shares.

Nasdaq Stock Market

losers were thrashing advancers 3,577 to 744 on 632 million shares.

On the NYSE, 798 issues have made new lows while only 15 made new highs, and on the Nasdaq, 1,018 issues have reached new lows while only 2 have hit new highs.

Sector Focus: Oil

One of the only bright spots in the market today has been the oil sector. The

American Stock Exchange Oil Index

was up 1.8%. Market speculation that

Texaco

(TX) - Get Report

and

Royal Dutch Petroleum

(RD)

, up 2 3/8 to 60 15/16;

Kerr McGee

(KMG)

, up 3/8 to 40 7/16; and

USX-Marathon

(MRO) - Get Report

, up 3/16 to 27 3/4.