COMMENTARY

Rosier economic forecasts sent the Dow storming into record territory. A

98.6-point sprint on Mar. 18 brought the Dow to 5863, its eighteenth record in

just 54 trading days. After flirting with 5700, the Dow was pulled down by

tobacco and computer stocks and closed the week at 5655. Meanwhile, the bond

market got the jitters from a report of stronger industrial production. Fears

that stronger growth would forestall easing by the Federal Reserve sent the

30-year Treasury bond's yield to 6.74% on Mar. 15. But by Mar. 20, the yield

was down to 6.63%.

MARKET ANALYSIS

                                                            % change
      U.S. STOCKS                               Latest   Week      52-week
      DOW JONES INDUSTRIALS                     5655.4   1.6       38.5
      MIDSIZE COMPANIES (S&P MidCap Index)      230.3    1.3       28.1
      SMALL COMPANIES (Russell 2000)            328.3    1.5       27.9
      ALL COMPANIES (Russell 3000)              370.6    1.7       31.3
      
                                                 % change (local currency)
      FOREIGN STOCKS                            Latest   Week      52-week
      LONDON (FINANCIAL TIMES 100)              3685.4   1.2       17.4
      TOKYO (NIKKEI INDEX)                      20,442.6 3.6       28.5
      TORONTO (TSE COMPOSITE)                   4961.3   0.3       16.4
      
      FUNDAMENTALS                              Latest   Week ago  Year ago
      90-DAY TREASURY BILL YIELD                5.14%    5.12%     5.85%
      30-YEAR TREASURY BOND YIELD               6.63%    6.68%     7.45%
      S&P 500 DIVIDEND YIELD                    2.16%    2.19%     2.65%
      S&P 500 PRICE/EARNINGS RATIO              19.0     18.6      16.5
      
      TECHNICAL INDICATORS                      Latest   Week ago  Reading
      S&P 500 200-day moving average            592.4    589.6     Positive
      Stocks above 200-day moving average       67.0%    63.0%     Neutral
      Speculative sentiment: Put/call ratio     0.62     0.77      Neutral
      Insider sentiment: Vickers sell/buy ratio 2.13     2.00      Neutral
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
                             % change                      % change
                            1-    12-  Strongest stock   1-    12-
      ONE-MONTH LEADERS    month month in group          month month Price
      1 SPECIALTY APPAREL   17.1  39.0 CHARMING SHOPPES  52.9  -4.9  4 7/8
        RETAILERS 
      2 SHOES               15.6  53.2 NIKE              18.2  108.5 79 1/2
      3 GENERAL MERCHANDISE 15.2  12.7 KMART             35.1  -19.8 9 5/8
        CHAINS 
      4 ALUMINUM            12.4  47.9 REYNOLDS METALS   20.2  28.7  61 1/8
      5 DEPARTMENT STORES   12.0  31.6 MERCANTILE STORES 19.2  41.9  58 7/8
      
                            % change                       % change
                           1-    12-   Weakest stock      1-    12-
      ONE-MONTH LAGGARDS   month month in group           month month Price
      1 MANUFACTURED       -12.1 17.6  FLEETWOOD          -12.1 18.0 25 3/8
        HOUSING                        ENTERPRISES 
      2 TOBACCO            -10.2 30.6  PHILIP MORRIS      -10.6 35.5 86 3/8
      3 DRUGS              -6.7  50.1  MERCK               -9.8 40.9 62
      4 ELECTRIC COMPANIES -6.6  14.5  UNICOM             -18.5 13.1 28 1/8
      5 BROADCASTING       -6.3  25.4  TELE-COMMUNICATIONS -9.1 19.4 19 7/8
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                           LAGGARDS
      Four-week total return         %  Four-week total return          %
      1 MONITREND GOLD             13.7 WRIGHT EQUIFUND-HONG KONG     -8.9
      2 FIDELITY SELECT RETAILING  11.2 SMITH BARNEY TELECOMM. INCOME -8.8
      3 AMERICAN HERITAGE          10.9 GUINNESS FLIGHT CHINA &       -8.6
                                        HONG KONG 
      52-week total return           %  52-week total return            %
      1 MIDAS                      77.0 STEADMAN TECHNOLOGY GROWTH   -20.4
      2 ALGER CAPITAL APPRECIATION 77.0 EV MARATHON GREATER INDIA    -19.5
      3 INVESCO STRATEGIC GOLD     75.3 STEADMAN AMERICAN INDUSTRY   -16.0
      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.       Foreign       Treasury      Money 
         stocks     stocks        bonds         market fund   Gold
         $13,471    $11,893       $11,500       $10,555       $10,152
         +2.29%     +2.03%       -0.72%         +0.11%        -0.43%
      
      All data on this page are as of market close Wednesday, Mar. 20, 1996, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Mar. 19. Mutual fund 
      returns are as of Mar. 15. Relative portfolios are valued as of Mar. 19. 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