COMMENTARY

A strong week for U.S. equities, which surged to record levels before

retreating. The Dow Jones industrial average climbed 42 points to 5642, a

record, on Mar. 5. Tobacco shares led the gainers, with RJR Nabisco saying it

would boost its dividend and buy back shares. But bond prices fell because of

concern that the Federal Reserve may not cut rates this month. Unexpectedly

high factory orders also spurred inflation fears. Computer-chip stocks led the

market slightly downward on Mar. 6.

MARKET ANALYSIS

                                                           % change
      U.S. STOCKS                           Latest      Week      52-week
      DOW JONES INDUSTRIALS                 5629.8      2.2       41.5
      MIDSIZE COMPANIES (S&P MidCap Index)  230.4       0.2       29.7
      SMALL COMPANIES (Russell 2000)        327.1       0.6       28.3
      ALL COMPANIES (Russell 3000)          371.8       0.9       34.7
      
      FUNDAMENTALS                          Latest      Week ago  Year ago
      90-DAY TREASURY BILL YIELD            5.02%       5.00%     5.92%
      30-YEAR TREASURY BOND YIELD           6.46%       6.47%     7.54%
      S&P 500 DIVIDEND YIELD                2.14%       2.15%     2.74%
      S&P 500 PRICE/EARNINGS RATIO          19.0        18.7      16.1
      
                                                % change (local currency)
      FOREIGN STOCKS                        Latest      Week      52-week
      LONDON (FINANCIAL TIMES 100)          3758.9      0.6       25.6
      TOKYO (NIKKEI INDEX)                  20,241.2    1.6       21.8
      TORONTO (TSE COMPOSITE)               4973.3      0.5       20.2
      
      TECHNICAL INDICATORS                  Latest     Week ago  Reading
      S&P 500 200-day moving average        586.7      583.6     Positive
      Stocks above 200-day moving average   72.0%      70.0%r    Negative
      Speculative sentiment: Put/call ratio 0.57       0.57r     Negative
      Insider sentiment: Vickers
       sell/buy ratio                       1.97       1.96      Positive
      
      INDUSTRY GROUPS
                          % change                        % change
                         1-    12-   Strongest stock     1-    12-
      ONE-MONTH LEADERS  month month in group            month month Price
      1 MACHINE TOOLS     18.5  21.7 CINCINNATI MILACRON 23.1  38.8  28 5/8
      2 METAL AND GLASS   18.2  11.1 CROWN CORK & SEAL   20.5  16.3  49 7/8
        CONTAINERS
      3 DEPARTMENT STORES 15.1  31.7 FEDERATED DEPART-   29.1  51.4  33 7/8
                                     MENT STORES
      4 SPECIALTY APPAREL 14.4  33.4 CHARMING SHOPPES    68.8 -17.4  5 1/16
        RETAILERS
      5 AIRLINES          14.3  54.0 SOUTHWEST AIRLINES  19.5  74.3  31 3/8
      
                           % change                      % change
                          1-    12-   Weakest stock     1-    12-
      ONE-MONTH LAGGARDS  month month in group          month month Price
      1 GOLD MINING       -10.2  40.2 SANTA FE         -17.4  41.7  14 7/8
                                      PACIFIC GOLD
      2 SEMICONDUCTORS     -7.8   9.8 LSI LOGIC        -20.7   0.2  27 3/4
      3 FOREST PRODUCTS    -6.0   2.5 GEORGIA-PACIFIC  -10.7 -13.0  64 5/8
      4 REGIONAL TELEPHONE -5.9  31.8 US WEST           -9.0  43.2  32 7/8
        COMPANIES                     COMMUNICATIONS
      5 OIL EXPLORATION    -5.1  -1.5 BURLINGTON        -6.2  -5.3  36 1/8
        AND PRODUCTION                RESOURCES
      
      MUTUAL FUNDS
      LEADERS                        LAGGARDS
      Four-week total return     %   Four-week total return             %
      1 MONITREND GOLD         27.7  UNITED SERVICES GOLD SHARES     -12.7
      2 PIONEER INDIA A        12.4  LEXINGTON STRATEGIC INVESTMENTS  -9.7
      3 FIDELITY SELECT        10.2  VAN ECK INTL. INVESTORS GOLD C   -7.7
        AIR TRANSPORTATION
      52-week total return       %   52-week total return               %
      1 MIDAS                 102.3  STEADMAN TECHNOLOGY GROWTH       21.6
      2 IDS PRECIOUS METALS A  85.7  EV MARATHON GREATER INDIA       -20.6
      3 MONITREND GOLD         84.4  AMERICAN HERITAGE               -13.8
      
      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
         stocks     bonds         stocks      market fund   Gold
         $13,908    $12,268       $12,265     $10,558       $10,153
         +1.32%     +1.07%       -0.48%       +0.11%        -1.17%
      
      All data on this page are as of market close Wednesday, Mar. 6, 1996, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Mar. 5. Mutual fund returns 
      are as of Mar. 1. Relative portfolios are valued as of Mar. 5. 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