COMMENTARY
      The big news in the markets was the dollar, which slid against the other major 
      currencies despite rescue efforts by the Federal Reserve and other central 
      banks. Traders were concerned about the U.S. trade deficit. Fears that the Fed 
      may not boost interest rates also spurred the decline. But the U.S. equity 
      markets were far cheerier, with the blue chips soaring to a record. The Dow 
      Jones industrial average climbed to a high of 4201.6 on Apr. 4. But the 
      dollar's woes dragged down stocks.
      
      MARKET ANALYSIS
      
                                                                 % change
      U.S. STOCKS                                 Latest      Week    52-week
      DOW JONES INDUSTRIALS                       4200.6      1.0     14.2
      MIDSIZE COMPANIES (S&P MidCap Index)        183.2       0.5     5.3
      SMALL COMPANIES (Russell 2000)              261.2       0.5     2.6
      ALL COMPANIES (Russell 3000)                287.6       0.4     10.6
      
                                                          % change (local currency)
      FOREIGN STOCKS                              Latest      Week    52-week
      LONDON (FINANCIAL TIMES 100)                3190.2      1.5     1.9
      TOKYO (NIKKEI INDEX)                        15,882.5    -3.5    -19.4
      TORONTO (TSE COMPOSITE)                     4285.1      -0.3    -0.7
      
      FUNDAMENTALS                                Latest      Week ago    Year ago
      90-DAY TREASURY BILL YIELD                  5.83%       5.80%       3.65%
      30-YEAR TREASURY BOND YIELD                 7.37%       7.37%       7.25%
      S&P 500 DIVIDEND YIELD                      2.60%       2.61%       2.82%
      S&P 500 PRICE/EARNINGS RATIO                16.6        16.6        20.4
      
      TECHNICAL INDICATORS                        Latest      Week ago    Reading
      S&P 500 200-day moving average              467.0       465.9       Positive
      Stocks above 200-day moving average         61.0%       57.0%       Neutral
      Speculative sentiment: Put/call ratio       0.82        0.67r       Positive
      Insider sentiment: Vickers sell/buy ratio   1.09        1.00        Positive
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                                     % change                    % change
                                    1-    12-   Strongest stock 1-    12- 
      FOUR-WEEK LEADERS             month month in group        month month Price
      1 GOLD MINING                 19.3  -4.0  SANTA FE        21.4  NA    12 3/4
                                                PACIFIC GOLD 
      2 DEFENSE ELECTRONICS         16.2  22.3  E-SYSTEMS       45.4  45.4  63 5/8
      3 SPECIALTY APPAREL RETAILERS 15.7 -12.7  THE LIMITED     22.5   7.8  22 1/2
      4 DIVERSIFIED MACHINERY       10.4   0.8  CLARK EQUIPMENT 59.6  40.1  83
      5 HOTELS AND MOTELS           10.1  17.2  HILTON HOTELS   13.1  32.2  75 3/8
      
                                % change                         % change
                               1-    12-   Weakest stock        1-    12- 
      FOUR-WEEK LAGGARDS       month month in group             month month  Price
      1 TRUCKING               -6.0 -23.2  YELLOW               -18.5 -30.9  16 1/2
      2 BROADCASTING           -5.3   7.4  TELE-COMMUNICATIONS  -11.1  -3.6  20
      3 HOMEBUILDING           -2.4 -22.1  KAUFMAN & BROAD HOME -12.9 -36.9  12 5/8
      4 FOOD WHOLESALERS       -1.9  14.6  SYSCO                 -5.2   5.9  27 1/8
      5 ALCOHOLIC BEVERAGES    -1.1   7.7  SEAGRAM               -5.4   2.7  28 1/2
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                           LAGGARDS
      Four-week total return        %   Four-week total return               %
      1 RYDEX PRECIOUS METALS     21.4  WARBURG PINCUS JAPAN OTC SERIES 2  -9.8
      2 EXCEL MIDAS GOLD          20.9  STEADMAN OCEANOGRAPHIC TECHNOLOGY  -7.2
      3 CAPPIELLO-RUSHMORE GOLD   19.9  AMERICAN HERITAGE                  -5.0
      
      52-week total return          %   52-week total return                 %
      1 GOVETT SMALLER COMPANIES  49.2  MONITREND GOLD                    -46.6
      2 SELIGMAN COMMUNICATIONS         BT INVESTMENT LATIN 
        & INFORM. A               47.8  AMERICAN EQUITY                   -42.7
      3 FIDELITY SELECT                 HERCULES LATIN 
        HEALTH CARE               44.2  AMERICAN VALUE                    -42.5
      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
      
      U.S. stocks     Foreign stocks  Treasury bonds  Money market fund    Gold
      
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