COMMENTARY

Blue-chip stocks took a bit of a hit this week, as earnings in such groups as

chemicals and some consumer stocks failed to meet expectations. But the Nasdaq

Composite Index, buoyed by a rally in high-tech and small-cap stocks, barreled

ahead to a new record. So far this year the Nasdaq has climbed nearly

12%--compared with an 8.5% rise in the Dow industrials and a 5.5% gain in the

S&P 500 index. The Mexican bolsa continued to post gains, and the Nikkei hit a

four-year high.

MARKET ANALYSIS

      
                                                            % change
      U.S. STOCKS                               Latest   Week     52-week
      DOW JONES INDUSTRIALS                     5553.9   0.1      29.2
      MIDSIZE COMPANIES (S&P MidCap Index)      235.4    3.0      27.5
      SMALL COMPANIES (Russell 2000)            344.6    2.9      30.1
      ALL COMPANIES (Russell 3000)              373.3    1.7      28.2
      
                                                % change (local currency)
      FOREIGN STOCKS                            Latest   Week     52-week
      LONDON (FINANCIAL TIMES 100)              3817.6   0.3      18.3
      TOKYO (NIKKEI INDEX)                      22,282.1 2.1      32.4
      TORONTO (TSE COMPOSITE)                   5116.3   1.1      19.5
      
      FUNDAMENTALS                              Latest   Week ago Year ago
      90-DAY TREASURY BILL YIELD                5.13%    4.95%    5.82%
      30-YEAR TREASURY BOND YIELD               6.82%    6.80%    7.32%
      S&P 500 DIVIDEND YIELD                    2.17%    2.19%    2.50%
      S&P 500 PRICE/EARNINGS RATIO              19.1     18.8     16.3
      
      TECHNICAL INDICATORS                      Latest   Week ago Reading
      S&P 500 200-day moving average            604.8    602.5    Positive
      Stocks above 200-day moving average       63.0%    60.0%r   Neutral
      Speculative sentiment: Put/call ratio     0.50     0.63     Negative
      Insider sentiment: Vickers sell/buy ratio 2.40     2.33     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 OIL AND GAS DRILLING 17.5  67.4  ROWAN           25.8  117.9 15 1/4
      2 SEMICONDUCTORS       15.4  24.4  LSI LOGIC       28.1   17.1 34 3/4
      3 OIL EXPLORATION       8.8   3.2  ORYX ENERGY     24.0   25.2 16 1/8
        AND PRODUCTION
      4 HARDWARE AND TOOLS    7.8  39.9  STANLEY WORKS   11.4   55.5 62 3/8
      5 INSTRUMENTATION       7.7  35.8  TEKTRONIX       16.8   -9.2 40 7/8
      
                            % change                        % change
                           1-    12-   Weakest stock     1-    12-
      ONE-MONTH LAGGARDS   month month in group          month month Price
      1 MACHINE TOOLS      -8.0   6.4  GIDDINGS & LEWIS  -8.6  18.2  17 7/8
      2 HEALTH CARE        -7.4  50.3  AMGEN             -9.4  65.5  56 7/8
        SERVICES
      3 METAL AND GLASS    -6.5   3.4  CROWN CORK & SEAL -6.8   8.8  46 1/4
        CONTAINERS
      4 HOMEBUILDING       -6.3  20.7  KAUFMAN & BROAD   -8.7  15.0  14 3/8
                                       HOME
      5 ELECTRIC COMPANIES -5.9   6.6  EDISON           -12.0  -2.3  15 5/8
                                       INTERNATIONAL
      
      MORNINGSTAR INC.
      
      LEADERS                        LAGGARDS
      Four-week total return      %  Four-week total return              %
      1 EV MARATHON             12.7 UNITED SERVICES GOLD SHARES       -4.6
        GREATER INDIA
      2 STANDISH SMALL          11.7 DREYFUS EDISON ELECTRIC INDEX     -4.3
        CAP TAX-SENSITIVE
      3 PIONEER INDIA A         11.7 STEADMAN INVESTMENT FUND          -4.2
      
      52-week total return        %  52-week total return                %
      1 TURNER SMALL CAP EQUITY 83.1 STEADMAN TECHNOLOGY GROWTH       -18.1
      2 PBHG SELECT EQUITY      79.8 EV MARATHON GREATER INDIA         -9.7
      3 TCW/DW SMALL            76.7 WRIGHT EQUIFUND-JAPAN             -8.1
        CAPITALIZATION
      DRI/McGRAW-HILL
      
      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
         $12,943    $11,401       $11,231        $10,547       $10,223
         +1.02%     +1.73%        -0.06%         +0.11%        -0.76%
      
      All data on this page are as of market close Wednesday, Apr. 24, 1996, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Apr. 23. Mutual fund 
      returns are as of Apr. 19. Relative portfolios are valued as of Apr. 23. A more 
      detailed explanation of this page is available on request. r=revised
      
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