NEW YORK, JUNE 11 -- The Dow Jones industrial average rebounded with a 30-point gain today in a low-volume rally that was largely limited to blue-chip stocks.
The session was written off by many observers as the mirror image of Friday's 34-point Dow loss, when professional trading tied to the triple expirations of index futures, index options and stock options dominated market direction.
Today, professional buying by traders with very short-term interests was also said to prop up prices, although there was some bargain hunting within such recently depressed groups as high technology and energy, block traders said.
Traders said that -- apart from professionals ''playing the bounce'' after four consecutive down sessions, expirations-related unhedging activities and a smattering of genuine bargain hunting -- the market was underpinned by a steadily improving bond market throughout the session.
The 30-year U.S. Treasury bond was off 12/32 as stocks opened, but by the time equities closed, bonds had trimmed their deficit on the day to 2/32.
''I think we've seen what is basically a technical bounce here, for lack of another description,'' said chief stock trader Dan Murphy at C.J. Lawrence, Morgan Grenfell. ''Everyone was aware that most of Friday's losses arose from the unwinding of the June series of index futures and that there wasn't much institutional selling and no aggressive fund selling to speak of.
''On the contrary, the feeling is that most investors are fairly content with their positions here and that the Dow might have to give up 100 points or so'' to get aggressive longer-term investors back into the market, Murphy said.
Kidder Peabody's chief block trader Edward Laux concluded that today's market buoyancy was due to a combination of spirited professional trading, underlying support from the futures market and ''the fact that there were just not a lot of sell orders left on the books Friday,'' a condition that lent itself to ''a vacuum on the upside'' this morning.
At the close, the Dow stood at 2892.57, up 30.19, although advancing issues outpaced declining ones on the Big Board by a moderate ratio of only about 9 to 5. Volume contracted to 119 million shares.
Among Dow components, Boeing led the pack with a 3 1/2 advance to 58 1/2, reflecting buying tied to its stock split as well as a technically oversold condition from last week and, not to be underestimated, a $4.8 billion aircraft order from Korean Air Lines -- Boeing's third massive Asian deal in almost as many weeks.
Also conspicuously higher were IBM, up 1 1/8 at 119 7/8 and leading the rebounding high-technology stocks, and Chevron, up 1 1/8 at 70 5/8 amid a broad firming among energy stocks. Procter & Gamble rose 1 to 81.
The Dow transportation average eked out only a 0.73 advance to 1202.01 for the session, however, as UAL Corp. helped keep the index in check with a 2-point loss to 156 3/8. The utilities rose 0.76 to 213.22.
Among broad stock indexes, the hegemony of blue-chip issues was clear. While the Standard & Poor's 500 rose 2.92 to 361.63 and the NYSE Composite gained 1.37 to 197.42, the more broadly based, unweighted Value Line index of about 1,700 stocks lagged with a 1.16 advance to 289.26, while the Amex Market Value added 1.15 to 362.32 and the Nasdaq Composite rose 1.92 to 462.79.