NEW YORK, JAN. 28 -- Stock prices moved broadly higher today, bolstered by continued strength in the bond market.
The Dow Jones average of 30 industrials rose 18.90, to 1930.04. Gainers outpaced losers 13 to 5 on the New York Stock Exchange.
Big Board volume totaled 166.43 million shares, down from 176.36 million in the previous session.
Analysts described today's session as lackluster to moderately active. In a repetition of Wednesday's session, it began with new highs in the bond market, which spilled over into rising prices for stocks.
"The whole theme that has evolved this week is 'Rates are coming down,' said Ralph Bloch, an analyst at the Raymond James and Associates securities firm in St. Petersburg, Fla.
He was referring to the explosion of bond prices that greeted Wednesday's release of a government report on a $41.6 billion jump in business inventories and a 4.2 percent gain in the nation's fourth-quarter gross national product.
Lower interest rates move bond prices higher, while encouraging stocks. As a result, the bond market rally was an important support for today's gains by stocks, Bloch said.
Airlines did well. Delta was up 3 1/4, at 43 1/4, AMR Corp. was up 2 1/4 at 36 3/4, and Allegis was up 1 1/4, at 70 1/4.
Tenneco, which will pay a dividend soon, led the Big Board's most-active list at 40, down 1/8.
Monsanto was up 1/8 at 83 5/8. On Wednesday its NutraSweet Co. subsidiary announced what it called the first completely natural fat substitute. IBM was up 7/8 at 113 5/8 after the company announced new board members and a restructuring. Santa Fe Southern Pacific fell 1 3/4, to 45 3/4.
Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 191.58 million shares.