COMMENTARY
      The stock market regrouped after last week's downdraft, rallying 45 points on 
      July 25. Technology stocks bounced back, buoyed by a raft of 
      better-than-expected earnings reports. Oil companies also turned in strong 
      results. The bond market regained some composure, with the yield on the 30-year 
      Treasury ending the week at 6.88% as inflation fears lessened. M&A mania 
      continued among financial stocks as Merrill Lynch acquired British brokerage 
      firm Smith New Court and a bevy of bids surfaced for Bank of Boston.
      
      MARKET ANALYSIS
      
                                                        % change
      U.S. STOCKS                             Latest  Week    52-week
      DOW JONES INDUSTRIALS                  4707.1   1.7     26.5
      MIDSIZE COMPANIES (S&P MidCap Index)    205.2   3.2     22.4
      SMALL COMPANIES (Russell 2000)          296.1   3.1     22.3
      ALL COMPANIES (Russell 3000)            321.1   2.3     23.8
      
                                                         % change
                                                      (local currency)
      FOREIGN STOCKS                          Latest  Week    52-week
      LONDON (FINANCIAL TIMES 100)            3454.3   1.4     12.1
      TOKYO (NIKKEI INDEX)                  16,387.3  -0.2    -18.6
      TORONTO (TSE COMPOSITE)                 4601.9  -0.1     11.3
      
      FUNDAMENTALS                            Latest  Week ago Year ago
      90-DAY TREASURY BILL YIELD              5.61%    5.55%    4.54%
      30-YEAR TREASURY BOND YIELD             6.88%    6.86%    7.61%
      S&P 500 DIVIDEND YIELD                  2.38%    2.42%    2.79%
      S&P 500 PRICE/EARNINGS RATIO           16.6     16.6     18.7
      
      TECHNICAL INDICATORS                    Latest  Week ago  Reading
      S&P 500 200-day moving average         495.1    492.5     Positive
      Stocks above 200-day moving average     74.0%    72.0%r   Negative
      Speculative sentiment: Put/call ratio    0.65     0.55    Neutral
      Insider sentiment:
       Vickers sell/buy ratio                  1.76     1.70    Positive
      
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                             % change                     % change
      ONE-MONTH LEADERS     1-    12-   Strongest stock 1-    12-
                            month month in group        month month Price
      1 ALUMINUM            16.1  34.4  REYNOLDS METALS 17.8  14.4  59 1/2
      2 HARDWARE AND TOOLS  11.8  27.2  BLACK & DECKER  14.5  73.3  32 1/2
      3 METALS               9.9   5.5  INCO            21.2  20.6  33 5/8
      4 RAILROADS            9.9  20.4  CONRAIL         11.9  12.4  61 1/4
      5 SPECIALTY RETAILERS  9.2   4.8  LOWE'S          22.0   2.9  36
      
                              % change                   % change
      ONE-MONTH LAGGARDS     1-    12-   Weakest stock  1-    12-
                             month month in group       month month  Price
      1 OIL AND GAS DRILLING -6.0  -7.3  ROWAN           -8.1 -18.6    7 1/8
      2 HOMEBUILDING         -5.7   7.9  PULTE          -11.8  13.5   25 1/4
      3 HOUSEHOLD            -4.7  27.7  COLGATE        -10.0  30.0   67 3/8
        PRODUCTS                         -PALMOLIVE
      4 MULTI-LINE           -4.3  17.2  AMERICAN        -5.7  20.4  110
        INSURERS                         INTERNATIONAL
                                         GROUP
      5 PHOTOGRAPHY/IMAGING  -4.3  21.3  EASTMAN KODAK   -4.8  21.0   59 7/8
      
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                          LAGGARDS
      
      Four-week total return       %   Four-week total return        %
      1 WRIGHT EQUIFUND          19.1  STEADMAN OCEANOGRAPHIC      -8.3
        -MEXICO                        TECHNOLOGY
      2 GOVETT LATIN AMERICA A   11.5  STEADMAN INVESTMENT         -4.8
      3 FIDELITY LATIN AMERICA   11.0  CENTURY SHARES              -3.4
      
      52-week total return         %   52-week total return          %
      1 SELIGMAN COMMUNICATIONS 112.2  AMERICAN                   -32.7
        & INFORM. A                    HERITAGE
      2 FIDELITY SELECT          95.2  STEADMAN OCEANOGRAPHIC     -29.8
        ELECTRONICS                    TECHNOLOGY
      3 ALLIANCE TECHNOLOGY A    92.3  STEADMAN AMERICAN INDUSTRY -26.4
      
      DRI/McGRAW-HILL
      
      RELATIVE PORTFOLIOS
      
        U.S.       Treasury  Foreign    Money
        stocks     bonds     stocks     market fund     Gold
        $12,654    $11,667   $10,936    $10,530         $10,044
        +0.47%     +0.72%    -0.34%     +0.13%          -0.44%
      
      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, July 26, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close July 25. Mutual fund 
      returns are as of July 21. Relative portfolios are valued as of July 25. A more 
      detailed explanation of this page is available on request. r=revised NA=Not 
      available
      
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