COMMENTARY
      A spate of economic reports kept investors on edge. Factory orders and retail 
      sales perked up in August, and car purchases boosted consumer spending. But 
      personal incomes stayed the same, and manufacturers saw business fall for the 
      fourth time in five months in September. Bond mavens, figuring that 
      weaker-than-expected growth would lead the Federal Reserve to lower interest 
      rates later this year, bid up the price on 30-year Treasuries. That sent the 
      bond's yield from 6.58% to 6.43%. The Dow had a down week as tech stocks gave 
      up some ground.
      
      MARKET ANALYSIS
                                                       % change
      U.S. STOCKS                            Latest  Week    52-week
      
      DOW JONES INDUSTRIALS                  4740.7   -0.5    25.2
      MIDSIZE COMPANIES (S&P MidCap Index)    209.7   -1.7    22.8
      SMALL COMPANIES (Russell 2000)          300.8   -1.6    20.6
      ALL COMPANIES (Russell 3000)            332.9   -0.3    27.5
      
                                               % change (local currency)
      FOREIGN STOCKS                  Latest      Week    52-week
      LONDON (FINANCIAL TIMES 100)    3544.1      1.7     19.9
      TOKYO (NIKKEI INDEX)           18145.1     -0.6    -8.1
      TORONTO (TSE COMPOSITE)         4492.6     -0.2    5.6
      
      FUNDAMENTALS                   Latest  Week ago        Year ago
      
      90-DAY TREASURY BILL YIELD      5.45 %       5.41 %       5.07 %
      30-YEAR TREASURY BOND YIELD     6.43 %       6.58 %       7.95 %
      S&P 500 DIVIDEND YIELD          2.34 %       2.34 %       2.80 %
      S&P 500 PRICE/EARNINGS RATIO    16.8         16.8         17.9
      
      TECHNICAL INDICATORS                     Latest    Week ago    Reading
      S&P 500 200-day moving average           521.6     518.4       Positive
      Stocks above 200-day moving average       72.0 %   72.0 %r     Negative
      Speculative sentiment: Put/call ratio     0.66     0.64 r      Neutral
      Insider sentiment: Vickers sell/buy ratio 2.72     2.69        Negative
      
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
      ONE-MONTH LEADERS
                       % change                          % change
                    1-month 12-month  Strongest stock  1-month 12-month Price
                                      in group
      HMOs            16.4    -15.1   UNITED HEALTHCARE  17.6   -7.3   49 1/4
      INSTRUMENTATION 15.5    81.3    TEKTRONIX          28.0    54.1  58 3/8
      SHOES           14.9    41.3    NIKE               24.3    94.9  115
      DRUGS           14.1    55.0    SCHERING-PLOUGH    15.8    47.6  53 1/8
      SOFT DRINKS     11.3    49.9    PEPSICO            14.3    54.7  52
      
      ONE-MONTH LAGGARDS
                            % change                         % change
                        1-month 12-month   Weakest stock  1-month 12-month Price
                                           in group
      METAL AND GLASS   -12.8   3.1       CROWN CORK &    -12.9     0.7     39
      CONTAINERS                          SEAL
      DIVERSIFIED       -11.1   6.9       CATERPILLAR     -19.0     1.8     55 3/8
      MACHINERY
      STEEL              -9.0 -30.2       INLAND STEEL    -17.5   -42.4     22 3/8
                                          INDUSTRIES
      OIL AND GAS        -8.8   1.6       ROWAN           -11.8     3.5      7 1/2
      DRILLING
      POLLUTION CONTROL  -8.2  -2.8       BROWNING-FERRIS  -9.7    -5.8     30 3/8
                                          INDUSTRIES
      
      MUTUAL FUNDS
      
      LEADERS                          LAGGARDS
      Four-week total return   %        Four-week total return  %
      
      IAI EMERGING GROWTH     8.1     WRIGHT EQUIFUND-MEXICO  -5.3
      FIDELITY SELECT FOOD &  8.0     ARCH EMERGING GROWTH    -5.1
      AGRICULTURE                     INSTITUTIONAL
      WASATCH MID-CAP         7.9     FIDELITY SELECT INDUS-  -5.0
                                      TRIAL EQUIPMENT
      
      LEADERS                                 LAGGARDS
      52-week total return              %     52-week total return      %
      
      FIDELITY SELECT ELECTRONICS     97.1    WRIGHT EQUIFUND-MEXICO  -51.9
      ALGER CAPITAL APPRECIATION      91.3    BT INVESTMENT LATIN     -40.7
                                              AMERICAN EQUITY
      ALGER DEFINED CONTRIBUTION      84.7    HERCULES LATIN AMERICAN -38.8
      SMALL CAP                               VALUE
      
      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    Treasury bonds  Foreign stocks  Money market  Gold
                                                      fund
       $13,191        $12,707         $10,973         $10,545       $9,659
       +0.16%          +1.69%          +0.70%          +0.12%       -0.42%
      
      All data on this page are as of market close Wednesday, Oct. 4, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Oct. 3. Mutual fund returns 
      are as of Sept. 29. Relative portfolios are valued as of Oct. 3. A more 
      detailed explanation of this page is available on request. r=revised
      
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