COMMENTARY
      The Dow Jones industrials broke the 4800 barrier for the second time, closing 
      at 4802 on Oct. 19--the eighth anniversary of the 1987 stock market crash. But 
      the new level did not hold, even with a spate of good earnings reports and a 
      generally favorable interest-rate environment. Financial stocks took it in the 
      gut, with the S&P Financials Index plunging 6%. Foreign markets were losers as 
      well. Currency turmoil sent European stocks into a slump. And the battered 
      Mexican bolsa lost 5.4%.
      
      MARKET ANALYSIS
      
                                                             % change
      U.S. STOCKS                            Latest     Week       52-week
      DOW JONES INDUSTRIALS                  4753.7     -0.5       23.5
      MIDSIZE COMPANIES (S&P MidCap Index)   210.4      -2.6       21.8
      SMALL COMPANIES (Russell 2000)         297.8      -2.0       18.7
      ALL COMPANIES (Russell 3000)           333.5      -1.3       25.6
      
      FUNDAMENTALS                           Latest     Week ago   Year ago
      90-DAY TREASURY BILL YIELD             5.38%      5.41%      5.10%
      30-YEAR TREASURY BOND YIELD            6.32%      6.33%      8.06%
      S&P 500 DIVIDEND YIELD                 2.35%      2.32%      2.81%
      S&P 500 PRICE/EARNINGS RATIO           16.3       16.7       17.5
      
                                                % change (local currency)
      FOREIGN STOCKS                         Latest     Week       52-week
      LONDON (FINANCIAL TIMES 100)           3537.8     -1.5       17.9
      TOKYO (NIKKEI INDEX)                   17970.8    0.4        -9.0
      TORONTO (TSE COMPOSITE)                4331.5     -3.5       1.7
      
      TECHNICAL INDICATORS                   Latest     Week ago   Reading
      S&P 500 200-day moving average         530.9      527.7      Positive
      Stocks above 200-day moving average    65.0%      67.0%r     Neutral
      Speculative sentiment: Put/call ratio  0.54       0.62r      Neutral
      Insider sentiment:
       Vickers sell/buy ratio                2.58       2.55       Negative
      
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                            % change                     % change
                           1-    12-   Strongest stock  1-    12-
      ONE-MONTH LEADERS    month month in group         month month  Price
      1 HMOs                15.2 -4.3  U.S. HEALTHCARE   17.9 -16.0  39 1/2
      2 DEFENSE ELECTRONICS  9.7 58.2  LORAL             12.7  55.6  31 1/8
      3 PHOTOGRAPHY/IMAGING  9.5 32.9  EASTMAN KODAK      9.7  33.8  63 7/8
      4 HOUSEHOLD PRODUCTS   9.0 34.3  KIMBERLY-CLARK     9.5  42.7  72 1/4
      5 COMPUTER SYSTEMS     8.8 39.4  DIGITAL EQUIPMENT 37.9  76.5  53 5/8
      
                            % change                    % change
                           1-    12-   Weakest stock   1-    12-
      ONE-MONTH LAGGARDS   month month in group        month month  Price
      1 PAPER CONTAINERS   -11.3  -3.2 STONE CONTAINER -17.0  -5.0  16 1/2
      2 OIL EXPLORATION    -10.8  -5.7 BURLINGTON      -11.2  -7.1  35 7/8
        AND PRODUCTION                 RESOURCES
      3 MACHINE TOOLS      -10.7   1.8 CINCINNATI      -13.4  -1.9  25 7/8
                                       MILACRON
      4 GENERAL            -10.6   0.8 KMART           -32.5 -36.4   9 5/8
        MERCHANDISE CHAINS
      5 GOLD MINING        -10.1 -11.8 ECHO BAY MINES  -16.5 -30.0   9 3/16
      
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                            LAGGARDS
      Four-week total return    %        Four-week total return        %
      1 DREYFUS EDISON         6.9       WRIGHT                     -15.4
        ELECTRIC INDEX                   EQUIFUND-MEXICO
      2 WARBURG PINCUS         6.5       UNITED SERVICES GOLD       -12.1
        ADVISOR JAPAN OTC
      3 CAPPIELLO-RUSHMORE     6.3       MFS GOLD & NATURAL         -11.3
        UTILITY INCOME                   RESOURCES B
      
      52-week total return      %        52-week total return          %
      1 FIDELITY SELECT       89.9       WRIGHT EQUIFUND-MEXICO     -56.9
        ELECTRONICS
      2 ALGER CAPITAL         76.7       BT INVESTMENT LATIN        -39.3
        APPRECIATION                     AMERICAN EQUITY
      3 FIDELITY SELECT       73.9       MERRILL LYNCH              -38.1
        COMPUTERS                        LATIN AMERICAN C
      
      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
      
         Treasury    U.S.       Foreign    Money
         bonds       stocks     stocks     market fund    Gold
         $13,213     $13,010    $10,939    $10,552        $9,872
         -0.19%      -0.04%     -0.22%     +0.12%         -0.23%
      
      All data on this page are as of market close Wednesday, Oct. 25, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Oct. 24. Mutual fund 
      returns are as of Oct. 20. Relative portfolios are valued as of Oct. 24. A more 
      detailed explanation of this page is available on request. r=revised
      
Before it's here, it's on the Bloomberg Terminal. LEARN MORE