Rally Is Biggest in 10 Months; Trading Heavy: Stock and Bond Prices Soar
NEW YORK, Jan. 28ÛÓStock and bond prices soared today and shortterm interest rates fell. The Dow Jones Industrial Average turned in its best one-day performance in 10 months.</br></br>Analysts said the broad rallies in all three marketsÛÓstocks, bonds and short-terim- securitiesÛÓhad more to do with the internal functioning of those markets than with the administrationÛªs economic programs or the increase in leading economic indicators announced this morning by the Commerce Department.</br></br>The Dow Jones Average of 30 industrial stocks jumped 21.59 points to 864.25, the biggest single-day increase for that key stock market indicator since last March 12, when the Dow index rose 22.15.</br></br>66.8	million shares changing hands on the New York Stock Exchange. That was a sharp rise from the 50.1 million shares bought and sold Wednesday and the heaviest trading day since last March 13.</br></br>There was an ÛÏexplosive rallyÛ in short-term interest rates, according to Nicholas Marrone of the Bank of New York. Three-month Treasury bills fell 60 basis points (each basis point is l/l00th of a percentage