COMMENTARY
      Lest old acquaintance be forgot, strong retail sales and other reports of 
      economic strength carried ever-simmering inflation fears into the New Year. The 
      yield on the 30-year Treasury moved as high as 7.92% on Jan. 3, but a firming 
      dollar and the prospect of another interest rate hike helped bring the bond's 
      yield down to 7.85% by Jan. 4. The stock market ended the week on an up note, 
      gaining 19 points. South of the border, Mexican President Ernesto Zedillo's 
      emergency economic plan encountered skepticism.
      
      MARKET ANALYSIS
                                                        % change
      U.S. STOCKS                               Latest  Week    52-week
      
      DOW JONES INDUSTRIALS                     3857.7    0.5      1.5
      MIDSIZE COMPANIES (S&P MidCap Index)       169.0    0.4     -5.2
      SMALL COMPANIES (Russell 2000)             247.7    1.0     -4.0
      ALL COMPANIES (Russell 3000)               263.8    0.2     -2.3
      
                                                      % change (local currency)
      FOREIGN STOCKS                             Latest  Week    52-week
      
      LONDON (FINANCIAL TIMES 100)              3051.6   -1.4     -9.7
      TOKYO (NIKKEI INDEX)                    19,684.0    0.1     10.7
      TORONTO (TSE COMPOSITE)                   4154.5   -1.1     -5.6
      
      FUNDAMENTALS                              Latest  Week ago        Year ago
      
      90-DAY TREASURY BILL YIELD                 5.84%       5.59%       3.14%       
      30-YEAR TREASURY BOND YIELD                7.85%       7.83%       6.41%       
      S&P 500 DIVIDEND YIELD                     2.81%       2.79%       2.48%       
      S&P 500 PRICE/EARNINGS RATIO               17.0        17.0        19.4         
      
      TECHNICAL INDICATORS                       Latest    Week ago        Reading
      
      S&P 500 200-day moving average             457.6      457.8         Positive    
      
      Stocks above 200-day moving average         32.0%      30.0%r       Positive    
      
      Speculative sentiment: Put/call ratio       0.61       0.59 r       Neutral 
      Insider sentiment: Vickers sell/buy ratio   1.06       1.07         Positive    
      
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
                            % change    Strongest               % change
      FOUR-WEEK LEADERS 4-week  52-week stock in group          4-week 52-week Price
      
      TRUCKING          14.0    -7.2    CONSOLIDATED FREIGHTWAYS   17.5  -8.9 21 7/8
      HOMEBUILDING      12.1   -42.0    PULTE                      15.0 -35.2 23
      CONGLOMERATES      8.4    -8.2    TELEDYNE                   14.9 -20.6 20 1/4
      BUILDING MATERIALS 8.3   -26.4    OWENS-CORNING FIBERGLASS   10.5 -27.7 31 5/8
      INSURANCE BROKERS  7.8    -2.3    MARSH & McLENNAN            8.7  -2.2 79 1/2
      
                                     % change    Weakest              % change
      FOUR-WEEK LAGGARDS         4-week  52-week stock in group 4-week 52-week Price
      
      SPECIALTY APPAREL RETAILERS  -9.1   -17.0   THE LIMITED     -11.9  2.9  17 5/8
      OIL AND GAS DRILLING         -7.2   -19.9   ROWAN            -9.1 -29.6  6 1/4
      GENERAL MERCHANDISE CHAINS   -6.2   -17.2   DAYTON HUDSON   -12.5   5.7 70      
      TOYS                         -5.7     2.9   MATTEL           -7.3  22.0 20 1/4
      SPECIALTY RETAILERS          -5.6    -5.8   TOYS 'R' US     -15.3 -23.8 30 1/2
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                                 LAGGARDS
      Four-week total return           %      Four-week total return            %
      
      PIONEER WINTHROP REAL ESTATE            WRIGHT EQUIFUND-MEXICO NATL.FID.
      INVMNT.                         11.2    EQTY.                           -33.8
      KEYSTONE AMERICA HARTWELL 
      EMERG. GR. A                    11.2    FIDELITY LATIN AMERICA          -19.8
      PRA REAL ESTATE SECURITIES      10.5    TCW/DW LATIN AMERICAN GROWTH    -19.2
      
      52-week total return%                   52-week total return%
      SELIGMAN COMMUNICATIONS & 
      INFORM. A                       35.3    MONITREND GOLD                  -50.2
      DFA JAPANESE SMALL COMPANY      29.5    STEADMAN AMERICAN INDUSTRY      -37.2
      GOVETT SMALLER COMPANIES        28.7    STEADMAN OCEANOGRAPHIC 
                                              TECHNOLOGY                      -37.1
      
      RELATIVE PORTFOLIOS
      
      Foreign stocks  Money market fund       U.S. stocks     Gold    Treasury bonds
            $11,263       $10,482              $10,145       $9,754      $9,041
            +0.14%        +0.31%                 -0.16%      -0.30%      -2.03%
      
      DRI/McGRAW-HILL
      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, Jan. 4, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Jan. 3. Mutual fund returns 
      are as of Dec. 30, 1994. Relative portfolios are valued as of Jan. 3. A more 
      detailed explanation of this page is available on request. r=revised
      
      
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