COMMENTARY
      Big deals dominated the Dow industrials. Walt Disney's $19 billion acquisition 
      of Capital Cities/ABC, announced on July 31, followed by Westinghouse 
      Electric's $5.4 billion offer for CBS the next day, led to gains in both 
      acquisitors' stock. But that wasn't enough to push the Dow to a new high. On 
      Aug. 2, it opened strongly, up over 50 points as the dollar gained 3% vs. the 
      yen, thanks to central bank intervention. But the rally melted as investors 
      started to worry about a sell-off in the tech stocks.
      
      MARKET ANALYSIS
      
                                                            % change
      U.S. STOCKS                           Latest      Week      52-week
      DOW JONES INDUSTRIALS                 4690.2      -0.4      23.7
      MIDSIZE COMPANIES (S&P MidCap Index)  205.0       -0.1      19.7
      SMALL COMPANIES (Russell 2000)        297.8       0.6       21.2
      ALL COMPANIES (Russell 3000)          320.1       -0.3      21.1
      
                                                  % change (local currency)
      FOREIGN STOCKS                        Latest      Week      52-week
      LONDON (FINANCIAL TIMES 100)          3499.9      1.3       10.7
      TOKYO (NIKKEI INDEX)                  16,720.8    2.0       -19.0
      TORONTO (TSE COMPOSITE)               4594.7      -0.2      9.2
      
      FUNDAMENTALS                          Latest      Week ago  Year ago
      90-DAY TREASURY BILL YIELD            5.57%       5.61%     4.41
      30-YEAR TREASURY BOND YIELD           6.86%       6.88%     7.38
      S&P 500 DIVIDEND YIELD                2.39%       2.38%     2.73
      S&P 500 PRICE/EARNINGS RATIO          16.4        16.6      18.8
      
      TECHNICAL INDICATORS                  Latest      Week ago  Reading
      S&P 500 200-day moving average        497.4       495.1     Positive
      Stocks above 200-day moving average   75.0%       75.0%r    Negative
      Speculative sentiment: Put/call ratio 0.58        0.61r     Negative
      Insider sentiment: Vickers
       sell/buy ratio                       2.24        2.25r     Neutral
      
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                             % change                     % change
      ONE-MONTH LEADERS     1-    12-   Strongest stock  1-    12-
                            month month in group         month month Price
      1 LEISURE TIME         13.7 -3.9  BRUNSWICK        19.9 -15.1  20 3/8
      2 ALUMINUM             12.6 35.0  REYNOLDS METALS  21.3  23.0  62 3/4
      3 RAILROADS            11.8 21.7  UNION PACIFIC    16.9   8.8  64 3/4
      4 HOSPITAL MANAGEMENT  11.2 14.1  COMMUNITY        13.3  -4.7  12 3/4
                                        PSYCHIATRIC
                                        CENTERS
      5 BROADCASTING          9.3 26.6  CBS              16.0  23.5  77 3/4
      
                              % change                    % change
      ONE-MONTH LAGGARDS     1-    12-   Weakest stock   1-    12-
                             month month in group        month month  Price
      1 OIL AND GAS DRILLING -7.1  -6.8  ROWAN           -12.3 -17.4   7 1/8
      2 METAL AND GLASS      -6.9  29.3  CROWN CORK       -9.7  27.0  45 1/4
        CONTAINERS                       & SEAL
      3 SPECIALTY APPAREL    -4.6  -7.2  THE LIMITED      -8.5   3.9  20 1/8
        RETAILERS
      4 PHOTOGRAPHY/IMAGING  -4.6  19.9  EASTMAN KODAK    -5.4  19.5  57 3/8
      5 INSURANCE BROKERS    -3.3  -5.3  MARSH & McLENNAN -3.5  -8.9  78 1/4
      
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                          LAGGARDS
      Four-week total return      %    Four-week total return    %
      1 ALGER DEFINED            18.1  STEADMAN                -2.9
        CONTRIB. SMALL CAP             INVESTMENT
      2 NAVELLIER AGGR.          16.9  RYDEX URSA              -2.8
        SMALL CAP EQUITY
      3 GOVETT SMALLER           16.2  MATHERS                 -2.3
        COMPANIES A
      
      52-week total return        %    52-week total return      %
      1 SELIGMAN COMMUNICATIONS 123.4  MERRILL LYNCH          -27.8
        & INFORM. A                    LATIN AMERICA B
      2 FIDELITY SELECT         105.3  AMERICAN               -27.8
        ELECTRONICS                    HERITAGE
      3 GOVETT SMALLER          102.7  BT INVESTMENT          -27.3
        COMPANIES A                    LATIN AMERICAN EQUITY
      
      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.      Treasury   Foreign    Money market
       stocks    bonds      stocks     fund            Gold
       $12,459   $11,368    $11,363    $10,531         $9,974
       -0.26%    -1.02%     +0.73%     +0.13%          -1.00%
      
      All data on this page are as of market close Wednesday, Aug. 2, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Aug. 1. Mutual fund returns 
      are as of July 28. Relative portfolios are valued as of Aug. 1. A more detailed 
      explanation of this page is available on request. r=revised NA=Not available
      
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