COMMENTARY
      A gala week in the U.S. financial markets. The bond market went on a tear, as 
      investors were cheered on by signs of a slowing economy and sagging inflation. 
      The yield of benchmark 30-year Treasury bonds fell as low as 6.9% on May 9. But 
      the bond rally fizzled on May 10, as traders were upset by lackluster response 
      to a 10-year-note auction. The stock market respmnded strongly to the bond 
      rally, with the Dow Jones industrial average climbing above 4400, for the first 
      time, on May 10.
      
      MARKET ANALYSIS
      
                                                             % change
      U.S. STOCKS                               Latest    Week     52-week
      DOW JONES INDUSTRIALS                     4404.6     0.7     21.4
      MIDSIZE COMPANIES (S&P MidCap Index)       187.0     0.4     12.4
      SMALL COMPANIES (Russell 2000)             267.8     0.3      9.0
      ALL COMPANIES (Russell 3000)               297.6     0.8     16.9
      
                                                % change (local currency)
      FOREIGN STOCKS                            Latest    Week     52-week
      LONDON (FINANCIAL TIMES 100)              3290.1     0.8      5.1
      TOKYO (NIKKEI INDEX)                    16,826.5    -1.5    -16.5
      TORONTO (TSE COMPOSITE)                   4281.2    -0.4      2.7
      
      FUNDAMENTALS                              Latest    Week ago  Year ago
      90-DAY TREASURY BILL YIELD                 5.79%     5.79%    4.32%
      30-YEAR TREASURY BOND YIELD                7.00%     7.24%    7.61%
      S&P 500 DIVIDEND YIELD                     2.54%     2.53%    2.98%
      S&P 500 PRICE/EARNINGS RATIO              16.2      16.2     19.5
      
      TECHNICAL INDICATORS                      Latest    Week ago Reading
      S&P 500 200-day moving average           474.6     472.8     Positive
      Stocks above 200-day moving average       68.0%     64.0%r   Neutral
      Speculative sentiment: Put/call ratio      0.73      0.70    Positive
      Insider sentiment: Vickers sell/buy ratio  1.19      1.21    Positive
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                              % change                         % change
                             1-    12-  Strongest stock       1-    12- 
      ONE-MONTH LEADERS     month month in group              month month Price
      1 HOMEBUILDING        21.5   6.3  PULTE                  22.8  6.6 26 1/4
      2 PHOTOGRAPHY/IMAGING 17.6  33.8  EASTMAN KODAK          18.4 34.3 61 1/8
      3 SEMICONDUCTORS      16.0  62.2  NATIONAL SEMICONDUCTOR 31.8 20.4 24 3/8
      4 MACHINE TOOLS       12.1   4.3  CINCINNATI MILACRON    15.0 35.4 27 3/4
      5 COMPUTER SYSTEMS    11.5  52.5  SUN MICROSYSTEMS       22.8 94.6 42 13/16
      
                                % change                      % change
                               1-    12-   Weakest stock     1-    12- 
      ONE-MONTH LAGGARDS       month month in group          month month  Price
      1 HMOs                   -24.3 -20.3 U.S. HEALTHCARE   -29.9 -23.0  29 7/16
      2 TRANSPORTATION SERVICES -9.4  -8.5 PITTSTON SERVICES -19.7  -6.1  23
      3 STEEL                   -9.2 -12.7 NUCOR             -15.9 -22.3  46 1/4
      4 METALS                  -8.7   0.0 INCO              -15.5  -2.1  23 7/8
      5 GOLD MINING             -6.8  -3.9 ECHO BAY MINES    -13.7 -20.3  9 1/16
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS
      Four-week total return              %  52-week total return             %
      1 MORGAN STANLEY LATIN AMERICAN C 16.3 EV MARATHON GREATER INDIA       -8.9
      2 UST MASTER EMERGING AMERICAS    14.5 JOHN HANCOCK GLOBAL RX B        -7.3
      3 FIDELITY SELECT ELECTRONICS     13.7 FIDELITY SELECT MEDICAL DELIVERY-6.5
      
      LAGGARDS
      Four-week total return           %  52-week total return                %
      1 SELIGMAN COMMUNICATIONS
        & INFORM. A                  58.1 MONITREND GOLD                    -37.2
      2 PERKINS OPPORTUNITY          47.9 STEADMAN OCEANOGRAPHIC TECHNOLOGY -33.8
      3 ALLIANCE TECHNOLOGY A        47.5 STEADMAN AMERICAN INDUSTRY        -32.3
      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
       $12,195         $11,625         $11,618         $10,520            $10,209
       +1.69%          +2.22%          +4.80%          +0.18%              -0.12%
      
      All data on this page are as of market close Wednesday, May 10, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close May 9. Mutual fund returns 
      are as of May 5. Relative portfolios are valued as of May 9. A more detailed 
      explanation of this page is available on request. r=revised NA=Not available
      
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