NEW YORK (AP) _ Bond prices bounced back Tuesday following a series of harrowing declines last week as investors once again sought the safety of U.S. Treasurys amid signs of trouble in the stock market.

The price of the benchmark 30-year Treasury bond rose 21/32 point, or $6.56 per $1,000 in face value. Its yield, which moves in the opposite direction, fell to 5.08 percent from 5.11 percent Friday.

Bond markets were closed Monday in observance of the Columbus Day holiday.

Dealers said trading was relatively quiet following the extreme volatility last week. A stronger stock market and suspected sales of speculative bond positions by hedge funds were blamed for the wild moves last week.

But a new decline in stocks Tuesday sent investors running for cover, boosting the value of bonds, which are often seen as a safe-haven investment.

In the broader market, prices of short-term Treasury securities were up 5/32 point, and intermediate maturities were up between 3/8 point and 17/32 point, reported Bridge Telerate, a financial information service.

The Lehman Brothers Daily Treasury Bond Index, reflecting price movements on bonds with maturities of a year or longer, rose 0.46 point to 1,325.54.

Yields on three-month Treasury bills were 3.89 percent as the discount held steady at 3.81 percent. Six-month yields were 4.19 percent, as the discount shot up 0.13 percentage point to 4.06 percent. One-year yields were 4.21 percent as the discount rose by 0.06 percentage point from Friday to 4.04 percent.

Yields are the interest bonds pay by maturity, while the discount is the interest at which they are sold.

The federal funds rate, the interest on overnight loans between banks, rose to 5.38 percent from 5.13 percent on Friday.

In the tax-exempt market, the Bond Buyer index of 40 actively traded municipal bonds rose to 126 1/16 from 125 25/32. The average yield to maturity edged up to 5.11 percent from 5.10 percent.