While such leading technology issues are still relatively near their peaks, lesser and more speculative issues have fallen much harder.

At this time the equations are incomplete, and this remains a speculative issue.

Stocks generally fare worse than bonds, with speculative issues performing the worst.

Prices rose across the spectrum of maturities, with the largest gains recorded by longer-term, more speculative issues.

"We're trading real stocks," said one arbitrager who normally spends his day buying and selling more speculative issues.

The American Stock Exchange's market value index, which is also dominated by more speculative issues, fell 7.96 to 529.00.

Other indicators dominated by more speculative issues also managed a gain for the day.

"This is a healthy market environment in that the good quality companies are performing very well, while the more speculative issues are not," he said.

In addition, one trader said, any "speculative issues" were being sold.

There are in addition some 100 different stamps that are considered as speculative issues.