NEW YORK, JUNE 21 -- The Dow Jones industrials rose 6 points today in tandem with late-session rallies in the stock-index futures and bond markets.

The firm close contrasted with earlier action, when the Dow fell as much as 19 points on a renewed sense of frustration over perceived Federal Reserve intransigence on interest rates, traders said.

The late bond rally, deemed largely technical, took the U.S. long Treasury to session highs with a mild gain and inspired new session highs in premiums for stock-index futures, triggering a flood of index-arbitrage program buying into the close. Traders said it was coincidence that bond prices began to firm immediately after the 2 p.m. release of the Treasury's May federal deficit data. The May deficit was $42.5 billion, only slightly above expectations of about $40 billion.

Neither this morning's Commerce Department report of an increase of first-quarter gross national product nor statements from Federal Reserve Chairman Alan Greenspan, testifying before the Senate Banking Committee, gave investors hope that the Fed will ease interest rates soon.

"The market is still going through a period of consolidation after Monday's {53-point Dow} decline," said trader Dudley Eppel at Donaldson, Lufkin and Jenrette.

"Bonds have been generally weak for a couple of days, and the stock market is showing fairly flat features here," he said. "We expect more of the same -- it looks like the 'summer doldrums' have set in already."

At the close, the Dow stood at 2901.73, up 6.43, with advances outnumbering declines on the Big Board by about 7 to 6 on lightly moderate volume of 138 million shares.

Among Dow components, Merck rose 1 3/8 to 83 5/8, in line with nearly across-the-board gains in pharmaceutical companies.

IBM spurted to a late, 1 1/8 gain at 119 1/8, while two early losers held onto losses: Goodyear Tire dipped 1 1/8 to 32 1/2 and Du Pont dropped 1 to 38 1/8.

The Dow transports eased 0.37 to 1176.64, while the utilities gained 0.63 to 209.20.

Among broad stock indexes, the Standard & Poor's 500 was up 1.36 at 360.46 while the NYSE Composite rose 0.65 to 196.49, the Value Line gained 0.15 at 286.28, the Amex Market Value dipped 0.59 to 360.22, and the Nasdaq Composite added 0.47 to 461.27.