COMMENTARY
      Even though the Dow fell below 4000, stocks staged a strong performance 
      considering the near-collapse of the dollar. IBM hit its highest price in more 
      than two years, and Disney was in demand after it announced huge sales of its 
      Lion King home video. Oil stocks were on the rise, too. Bonds were down for the 
      week, but rebounded strongly on Mar. 8 as the dollar bounced off its lows. 
      Stocks could rise in the weeks ahead. Three of the four technical indicators 
      shown on this page are pointing up.
      
      MARKET ANALYSIS
      
                                                       % change
      U.S. STOCKS                            Latest   Week    52-week
      
      DOW JONES INDUSTRIALS                  3979.2   -0.4     3.3
      MIDSIZE COMPANIES (S&P MidCap Index)    177.6   -0.6    -1.9
      SMALL COMPANIES (Russell 2000)          254.9   -0.5    -4.3
      ALL COMPANIES (Russell 3000)            276.1   -0.7     2.0
      
                                                    % change (local currency)
      FOREIGN STOCKS                          Latest  Week   52-week
      
      LONDON (FINANCIAL TIMES 100)           2992.1   -1.6    -7.8
      TOKYO (NIKKEI INDEX)                 16,621.3    0.0   -16.2
      TORONTO (TSE COMPOSITE)                4136.0    1.3    -6.9
      
      FUNDAMENTALS                           Latest  Week ago Year ago
      
      90-DAY TREASURY BILL YIELD              5.92%   5.89%   3.61%
      30-YEAR TREASURY BOND YIELD             7.54%   7.44%   6.84%
      S&P 500 DIVIDEND YIELD                  2.74%   2.67%   2.47%
      S&P 500 PRICE/EARNINGS RATIO            16.1    16.2    21.2
      
      TECHNICAL INDICATORS                            Latest  Week ago     Reading
      
      S&P 500 200-day moving average                  463.1   462.3        Positive
      Stocks above 200-day moving average             51.0%   55.0%r       Neutral
      Speculative sentiment: Put/call ratio           0.75    0.75r        Positive
      Insider sentiment: Vickers sell/buy ratio       0.80    0.78         Positive
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                               % change   Strongest              % change
      FOUR-WEEK LEADERS    4-week 52-week stock in group      4-week 52-week Price
      
      1 INSTRUMENTATION      15.0    31.2 HEWLETT-PACKARD       16.8   34.1  119 3/8
      2 GOLD MINING          14.9    -6.2 SANTA FE PACIFIC      36.1   NA     12 1/4
                                            GOLD
      3 OIL EXPLORATION AND   7.1   -15.5 MAXUS ENERGY          50.0   10.5    5 1/4
          PRODUCTION
      4 SPECIALTY PRINTING    6.3     0.3 R.R. DONNELLEY & SONS  7.0   10.5   34 1/4
      5 OIL WELL EQUIPMENT    5.7     3.5 BAKER HUGHES          11.1    6.7   20
          AND SERVICES
      
                                 % change     Weakest             % change
      FOUR-WEEK LAGGARDS      4-week  52-week stock in group  4-week  52-week Price
      1 SPECIALTY RETAILERS     -9.3    -7.2  LOWE'S            -15.1  -1.0   32 3/8
      2 ALUMINUM                -6.7    -3.7  REYNOLDS METALS    -7.8  -8.9   47 1/2
      3 ELECTRIC COMPANIES      -6.1   -11.2  ENTERGY           -12.4 -36.3   21 1/4
      4 HEALTH CARE SERVICES    -6.1     0.1  UNITED HEALTHCARE -14.1   4.5   42 1/2
      5 DEPARTMENT STORES       -4.8   -19.8  MERCANTILE STORES -10.6   7.3   40 1/4
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                                    LAGGARDS
      Four-week total return                 %   Four-week total return          %
      
      1 FIDELITY SELECT ELECTRONICS         11.7 WRIGHT EQUIFUND-MEXICO        -28.8
                                                   NATL.FID.EQTY.
      2 GOVETT SMALLER COMPANIES             9.1 MORGAN STANLEY LATIN          -27.0
                                                   AMERICAN A
      3 JOHN HANCOCK GLOBAL TECHNOLOGY A     8.5 FIDELITY LATIN AMERICA        -21.7
      
      52-week total return                   %   52-week total return            %
      
      1 FIDELITY SELECT HEALTH CARE         33.7 MONITREND GOLD                -51.6
      2 GOVETT SMALLER COMPANIES            29.4 FIDELITY LATIN AMERICA        -47.8
      3 SELIGMAN COMMUNICATIONS & INFORM. A 28.7 HERCULES LATIN AMERICAN VALUE -46.9
      DRI/McGRAW-HILL
      
      RELATIVE PORTFOLIOS
      
      Dollar amounts represent the present value of $10,000 invested one year ago in 
      each portfolio
      
      Percentages indicate five-day total returns
      
      Foreign stocks  U.S. stocks     Money market fund       Gold    Treasury bonds
       $10,744          $10,650            $10,502           $9,880        $9,613
        +2.95%           -1.08%             +0.24%           +1.49%        -2.24%
      
      All data on this page are as of market close Wednesday, Mar. 8, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Mar. 7. Mutual fund returns 
      are as of Mar. 3. Relative portfolios are valued as of Mar. 7. A more detailed 
      explanation of this page is available on request. r=revised NA=Not available
      
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