COMMENTARY
      Blue chips staged a rally on Jan. 13, fueled by a surge in the bond market 
      because of an unexpected drop in December sales figures. The Dow Jones 
      industrial average climbed nearly 50 points, in the biggest gain since Oct. 28. 
      Interest-rate-sensitive stocks, such as banks, led the list of gainers. Retail 
      stocks, meanwhile, performed poorly. But the optimism vanished Jan. 18 because 
      of concern that the Federal Reserve may boost rates. Stocks declined in 
      quake-ravaged Japan.
      
      MARKET ANALYSIS
                                                                  % change
      U.S. STOCKS                             Latest          Week    52-week
      DOW JONES INDUSTRIALS                   3929.0           1.7      1.1
      MIDSIZE COMPANIES (S&P MidCap Index)     173.5           2.1     -3.5
      SMALL COMPANIES (Russell 2000)           252.3           1.7     -3.9
      ALL COMPANIES (Russell 3000)             269.3           1.8     -1.5
      
                                                                  % change
                                                              (local currency)
      FOREIGN STOCKS                          Latest          Week    52-week
      LONDON (FINANCIAL TIMES 100)            3054.9           0.2    -12.1
      TOKYO (NIKKEI INDEX)                  19,223.3          -1.7      1.0
      TORONTO (TSE COMPOSITE)                 4170.8          -0.4     -8.6
      
                                                          Week        Year
      FUNDAMENTALS                            Latest      ago         ago
      90-DAY TREASURY BILL YIELD              5.85%       5.75%       3.03%
      30-YEAR TREASURY BOND YIELD             7.77%       7.84%       6.30%
      S&P 500 DIVIDEND YIELD                  2.76%       2.80%       2.60%
      S&P 500 PRICE/EARNINGS RATIO           17.1        17.0        22.9
      
      TECHNICAL INDICATORS                    Latest     Week ago        Reading
      S&P 500 200-day moving average          457.9      457.5           Positive
      Stocks above 200-day moving average      40.0%      34.0%          Positive
      Speculative sentiment: Put/call ratio     0.51       0.54r         Negative
      Insider sentiment: Vickers sell/buy ratio 0.94       1.06          Positive
      
      INDUSTRY GROUPS                                  BLOOMBERG FINANCIAL MARKETS
                               % change                          % change
                               4-    52-  Strongest stock        4-   52-
      FOUR-WEEK LEADERS        week  week in group               week week  Price
      1 AIRLINES               17.6 -24.2 SOUTHWEST AIRLINES     21.7 -46.6 19 5/8
      2 LEISURE TIME           14.6   0.5 BALLY ENTERTAINMENT    26.1 -19.4  7 1/4
      3 AFTERMARKET AUTO PARTS 11.9 -10.7 ECHLIN                 20.4  -3.9 33 7/8
      4 SEMICONDUCTORS         11.5  14.4 ADVANCED MICRO DEVICES 36.2  66.9 31 1/2
      5 COMPUTER SYSTEMS       11.1  33.7 INTERGRAPH             25.4  -8.1  9 7/8
      
                                    % change                     % change
                                    4-    52-  Weakest stock  4-      52-
      FOUR-WEEK LAGGARDS            week  week stock in group week    week  Price
      1 GENERAL MERCHANDISE CHAINS  -4.9 -14.6 DAYTON HUDSON  -12.9   0.2   69
      2 SPECIALTY APPAREL RETAILERS -3.1 -17.1 THE LIMITED     -8.2   2.8   18 1/8
      3 FOOD WHOLESALERS            -3.1   2.6 FLEMING         -7.4 -11.6   22
      4 LONG-DISTANCE                          AT&T            -4.1  -9.2   49 1/2
          TELECOMMUNICATIONS        -3.0 -14.1
      5 APPAREL MANUFACTURING       -3.0  -3.3 LIZ CLAIBORNE  -22.9 -23.7   16 7/8
      
      MUTUAL FUNDS                                             MORNINGSTAR INC.
      LEADERS                                  LAGGARDS
      Four-week total return            %      Four-week total return       %
      1 BULL & BEAR                            WRIGHT EQUIFUND-MEXICO
          SPECIAL EQUITIES             10.5      NATL.FID.EQTY.           -37.3
      2 GOVETT SMALLER                         BT INVESTMENT LATIN
          COMPANIES                     9.8      AMERICAN EQUITY          -23.5
      3 PROGRESSIVE AGGRESSIVE GROWTH   9.4    FIDELITY LATIN AMERICA     -23.5
      
      52-week total return              %      52-week total return         %
      1 SELIGMAN COMMUNICATIONS                MONITREND 
          & INFORM. A                  29.0      GOLD                     -57.3
      2 GOVETT SMALLER                         STEADMAN OCEANOGRAPHIC 
          COMPANIES                    27.7      TECHNOLOGY               -38.9
      3 ROBERTSON STEPHENS                     STEADMAN AMERICAN 
          VALUE & GROWTH               25.0      INDUSTRY                 -36.6
      
      RELATIVE PORTFOLIOS                                          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
      Foreign stocks   Money market fund   U.S. stocks   Gold      Treasury bonds
       $10,660         $10,488             $10,149       $9,839    $8,862
       +0.16%          +0.29%              +1.81%        +1.52%    +0.96%
      
      All data on this page are as of market close Wednesday, Jan. 18, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Jan. 17. Mutual fund 
      returns are as of Jan. 13. Relative portfolios are valued as of Jan. 17. A more 
      detailed explanation of this page is available on request. r=revised
      
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