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Stocks were recovering this afternoon from steep morning losses that came as investors locked in some gains from the market's two-day, record-setting advance.

At 3 p.m. the Dow Jones Industrial Average was up 6.73 at 8,095.09, rebounding from a 95-point slide that attracted bargain hunters. Broad-market indicators also were erasing their early losses.

Advancing issues were matchingdecliners on the New York Stock Exchange, where volume came to 386.35 million shares, down from Wednesday's busy pace.

The Standard & Poor's 500 list was up 1.16 at 937.72; the NYSE composite index, which closed at a record high on Wednesday, was up 0.65 at 486.16.

The Nasdaq composite index was up 1.13 at 1,568.78, despite a steep decline by Microsoft, which was down 3 9/1 6 at 138 7/8 .

The American Stock Exchange composite index was up 1.27 at 635.92.

Pharmaceutical shares were among the session's weakest groups. Prominent among the Dow's decliners were Johnson & Johnson, down 1 5/1 6 at 61 5/1 6; and Merck, down 1 3/1 6 at 103 1/2 . The Dow's weakest issues was 3M, down 2 1/2 at 96.

Today's downturn came after two straight record closes for the Dow, which added about 180 points on Tuesday and Wednesday as Federal Reserve chairman Alan Greenspan delivered an encouraging midyear report to both houses of Congress.

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