NEW YORK, FEB. 1 -- The stock market bogged down today after last week's rally, still taking its cue from swings in the credit markets.

Market measures dominated by blue chips posted modest losses, while those more attuned to smaller stocks gained ground.

The Dow Jones average of 30 industrials, up 54.71 last week, dropped 13.59 to 1944.63. But gainers outnumbered losers by about 8 to 7 in the overall tally of New York Stock Exchange-listed issues.

Volume on the Big Board came to 210.66 million shares, against 211.88 million on Friday.

Prices of long-term government bonds extended their recent rally in the morning, lowering their yields to the neighborhood of 8.4 percent. But they later gave up most of their gains.

Analysts said traders had turned cautious pending the outcome of the Treasury's auction of $27 billion in bonds and notes over the next three days.

Analysts said investors seemed reluctant to chase after the market's recent advance. After rising more than 10 points in early trading, the Dow industrials pulled back.

Losers among the blue chips included International Business Machines, down 2 3/8 at 110; Coca-Cola, down 1 3/8 at 36 1/4; General Electric, down 1 1/8 at 44, and American Telephone & Telegraph, down 3/8 at 29 1/2.

E-II Holdings jumped 2 1/8 to 16 5/8 in heavy trading, and American Brands dropped 2 1/8 to 44 5/8. American Brands reached an agreement to acquire E-II for $17.05 a share.

Other tobacco issues, meanwhile, showed small gains on the news over the weekend that a mistrial was declared in a product liability suit against American Brands' tobacco subsidiary. Philip Morris rose 5/8 to 87 3/8 and RJR Nabisco 1/4 to 47 3/8.

The NYSE's composite index of all its listed common stocks dropped 0.80 to 143.33.