NEW YORK, AUG. 19 -- A late rally led by blue chips enabled the stock market to post spotty gains today, rebounding from Tuesday's sharp drop.

The Dow Jones industrial average, down 45.91 points Tuesday, recovered 11.16 to close at 2665.82. Volume on the New York Stock Exchange came to 180.88 million shares, down from 198.40 million in the previous session.

The market took a tumble Tuesday as the dollar came under heavy pressure, and some selling carried over into early trading Wednesday. But many analysts viewed the drop as a positive development, coming after a long and almost uninterrupted rise to record highs.

At Tuesday's lows, they said, buyers who had been waiting for a dip in stock prices began to step in.

While the dollar remains a primary influence on the market, analysts have also begun looking ahead to two economic reports due Friday: a revised government measure of the gross national product for the second quarter and the consumer price index for July.

Most economists estimate that the CPI rose about 0.4 percent, maintaining its pace of recent months. A figure much higher than that, some brokers warned, might stir inflation fears again and prompt some further profit taking in the market.

Citicorp fell 2 1/2 to 63 1/8 in active trading. Late Tuesday the company announced plans for an international stock offering next month of about 17 million shares. The bank holding company said the sale of additional stock would dilute its 1988 earnings per share by about 7 percent.

Hewlett-Packard dropped 2 1/2 to 65 amid disappointment over the size of the quarterly earnings gain posted by the company.

Gainers among the blue chips included Merck, up 1 3/4 at 205 3/4; International Paper, up 1 1/8 at 53 3/8; Eastman Kodak, up 1 at 100 1/8 and American Telephone & Telegraph, up 1/8 at 34 1/4.

Kenner Parker Toys gained 2 1/4 to 49 1/2. New World Entertainment Ltd. increased its offer to acquire the company from $41 a share to $47 a share.

Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 211.36 million shares