Stocks rallied despite an uptick in long-term interest rates and rising gold 
      prices. The Dow industrials showed the most bounce, closing on May.12 at an 
      all-time high. Oils were strong, as investors reacted to a higher-than-expected 
      increase in the April producer price index. The tobacco stocks recovered 
      somewhat on talk that the expected price war may be less intense than initially 
      feared. Gold issues were up again. And as the table shows, their performance 
      over the past month has been spectacular.
      
      MARKET ANALYSIS
                                                    % change
      U.S. STOCKS                          Latest  Week  52-week
      
      DOW JONES INDUSTRIALS                 3482.3  1.0  2.7
      MIDSIZE COMPANIES (S&P MidCap Index)   164.0 -0.1  13.9
      SMALL COMPANIES (Russell 2000)         228.9  0.5  15.0
      ALL COMPANIES (Russell 3000)           254.8  0.0  8.6
      
                                                % change (local currency)
      FOREIGN STOCKS                       Latest  Week  52-week
      LONDON (FINANCIAL TIMES 100)          2860.8  2.3  5.2
      TOKYO (NIKKEI INDEX)                20,615.2  -1.5  9.8
      TORONTO (TSE COMPOSITE)               3796.5  0.2  11.5
      
      FUNDAMENTALS                         Latest  Week ago  Year ago
      90-DAY TREASURY BILL YIELD            2.95  %  2.95  %  3.67  %  
      30-YEAR TREASURY BOND YIELD           6.86  %  6.78  %  7.86  %  
      S&P 500 DIVIDEND YIELD                2.81  %  2.81  %  2.96  %  
      S&P 500 PRICE/EARNINGS RATIO          22.4    22.6    25.5    
      
      TECHNICAL INDICATORS                 Latest  Week ago  Reading
      S&P 500 26-week moving average       439.9    438.9    Positive  
      Stocks above 26-week moving average   62.3  %  62.2  %  Neutral  
      Speculative sentiment: Put/call ratio 0.39    0.38    Neutral  
      Insider sentiment: Vickers sell/buy 
      ratio                                 2.87    2.93    Negative  
                                            BRIDGE INFORMATION SYSTEMS INC.
      
      INDUSTRY GROUPS
                           % change                                % change
                                          Strongest
      FOUR-WEEK LEADERS  4-week  52-week  stock in group  4-week  52-week  Price
        GOLD MINING      21.9  39.8       ECHO BAY MINES    50.0  46.9      9  
        DRUGS            10.1  -18.6      SCHERING-PLOUGH   13.2  23.1     66  1/2
        HOSPITAL 
        MANAGEMENT        9.6  -31.5      NATIONAL MEDICAL 
                                          ENTERPRISES       12.9  -43.5     8  3/4
        TOBACCO           8.9  -31.0      UST               14.4    4.7    30  7/8
        MEDICAL PRODUCTS 
        AND SUPPLIES      8.8  -17.6      U.S. SURGICAL     26.4  -64.1    37  3/4
      
                             % change                                % change
                                          Weakest
      FOUR-WEEK LAGGARDS  4-week  52-week stock in group  4-week  52-week  Price
        MAJOR REGIONAL 
        BANKS            -9.8  16.8       FLEET FINANCIAL 
                                          GROUP             -14.2  5.9  31  5/8
        SAVINGS AND LOANS-9.1  2.3        GOLDEN WEST 
                                          FINANCIAL         -10.6  5.0  42  1/4
        GENERAL MERCHANDISE 
        CHAINS           -8.7  5.2        WAL-MART STORES   -13.3  0.0  26  
        LIFE INSURANCE   -8.6  40.0       JEFFERSON PILOT   -13.8  30.8  49  3/8
        OIL EXPLORATION 
        AND PRODUCTION   -7.3  16.9       MAXUS ENERGY      -16.7  32.7  8  1/8
                                                              MORNINGSTAR INC.
      
      MUTUAL FUNDS
      LEADERS                                  LAGGARDS
      Four-week total return              %    Four-week total return           %
        BASCOM HILL INVESTORS            33.8  STEADMAN AMERICAN INDUSTRY      -9.0
        LEXINGTON STRATEGIC INVESTMENTS  18.6  FIDELITY SELECT REGIONAL BANKS  -7.6
        VAN ECK GOLD RESOURCES           17.8  SIFE TRUST                      -6.6
        METLIFE-STATE STREET GLOBAL 
        ENERGY                           58.5  FINANCIAL STRATEGIC 
                                               ENVIRONMENTAL                  -26.3
        BASCOM HILL INVESTORS            47.6  FIDELITY SELECT MEDICAL 
                                               DELIVERY                       -17.7
        PBHG GROWTH                      42.6  G.T. LATIN AMERICA GROWTH A    -17.6
                                                          DATA RESOURCES INC.
      
      RELATIVE PORTFOLIOS
      
      Treasury bonds  Foreign stocks  U.S. stocks  Gold     Money market fund
       $12,353          $12,179         $10,986   $10,545      $10,246
       +0.15%            -1.38%          +0.07%    -0.22%       +0.05%
      
      Dollar amounts
      represent the present value of $10,000
      invested one year ago in each portfolio
      Percentages indicate
      five-day total returns
      
      All data on this page are as of market close Wednesday, May 12, 1993, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close May 11. Mutual fund returns 
      are as of May 7. Relative portfolios are valued as of May 11. A more detailed 
      explanation of this page is available on request.
      
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