NEW YORK, Feb. 11--The stock market met its first major test of 1957 today and flunked it.

The market fell through the "floor" of the 1956 low--which had provided buying support on four past occasions--and slipped to its lowest level in 15 months.

Values melted in the steepest one-day break since Oct. 10, 1955--which was the second "Blue Monday" following President Eisenhower's heart attack.

As leading issues were clipped 1 to 4 points in what analysts called a technical decline with no fresh news factors behind it the quoted value of stocks listed on the New York Stock Exchange dropped an estimated four billion dollars, based on the decline in the average.

The Associated Press average of 60 stocks fell $3.30 to $168.90, lowest point since Nov. 2, 1955 when it stood at $168.80.

The Dow-Jones industrial average fell 8.85 to 457.44.

Ike, Macmillan to Confer

WASHINGTON, Feb. 11--President Eisenhower will hold separate conferences with British Prime Minister Macmillan and French Premier Mollet in a bid to warm up chilly relations between this country and its two traditional allies.

From his vacation headquarters at Thomasville, Ga., Eisenhower disclosed today he would meet March 21 with Macmillan for four days on the British resort island of Bermuda, 600 miles from the Carolina coast in the Atlantic.

Mollet accepted an invitation to meet with Eisenhower at the White House for a two-day conference beginning Feb. 26.

Bulganin Sees More Bonn Trade

MOSCOW, Feb. 11--Soviet Premier Bulganin dangled promises of a new era of friendship before West Germany in a letter published tonight. He proposed "profitable" trade with the Bonn Republic and Moscow's good offices in seeking German reunification.

"War or peace in Europe depends first of all on how we settle the relations between us," he declared.

Senate Hits Ike Policy

WASHINGTON, Feb. 11--Democratic senators mounted a fresh attack against the administration's Middle East policy today. Secretary of State Dulles was accused of "falsehood" during the hot debate.