COMMENTARY
      Inflation-wary bond investors ignored a big increase in U.S. productivity and 
      dumped bonds, forcing long-term interest rates to the highest level in nearly 
      a year. All things considered, stocks did well, with the Dow industrials 
      hanging tough at 11,000, up 0.4% for the week. Tech stocks grabbed some of the 
      glory from the industrials. The tech-heavy NASDAQ 100 gained 2.9%.
      Data: Bloomberg Financial Markets
      
      STOCKS
                                                               % change
      U.S. MARKETS                           May 12        Week        Year
      Dow Jones Industrials                 11,000.4        0.4         19.4
      NASDAQ Composite                        2606.5        2.8         39.7
      NASDAQ 100                              2217.7        2.9         75.6
      S&P MidCap 400                           407.8        1.7          9.4
      S&P SmallCap 600                         177.6        2.5        -11.2
      S&P SuperComposite 1500                  286.2        1.3         19.5
      
                                                               % change
      SECTORS                                 May 12        Week        Year
      S&P BARRA Growth                         756.2        1.7         29.5
      S&P BARRA Value                          627.5        0.8         13.5
      S&P Basic Materials                      140.6       -1.8         -2.1
      S&P Capital Goods                       1018.6        0.7         16.6
      S&P Energy                               844.4       -4.1          5.4
      S&P Financials                           149.8        1.8         12.0
      S&P REIT                                  89.8        2.7        -15.3
      S&P Transportation                       828.5        1.3         15.0
      S&P Utilities                            257.1        0.4          8.3
      GSTI Internet                            579.1        4.3        307.8
      Morgan Stanley Cyclical                  609.7       -0.2          9.5
      PSE Technology                           547.2        4.4         51.3
      
                                                               % change
      GLOBAL MARKETS                          May 12        Week        Year
      S&P Euro Plus                           1311.0       -0.7          2.5
      London (FT-SE 100)                        6343       -0.9          6.2
      Frankfurt (DAX)                           52.2       -1.1         -2.4
      Tokyo (NIKKEI 225)                    16,947.4        1.5         10.5
      Hong Kong (Hang Seng)                 13,013.0       -4.2         37.4
      Toronto (TSE 300)                       7003.8       -0.3         -9.1
      Mexico City (IPC)                       5877.3        5.7         23.6
      
                                                           Week        Week
      FUNDAMENTALS                             May 11       Ago         Ago
      S&P 500 Dividend Yield                    1.17%      1.21%        1.40
      S&P 500 P/E Ratio (Trailing 12 mos.)      34.5       33.9         26.7
      S&P 500 P/E Ratio (Next 12 mos.)*         24.6       24.5         21.7
      First Call Earnings Revision*             0.57%      0.33%       -0.97%
      
      *First Call Corp.
                                                          Week
      TECHNICAL INDICATORS                    May 11       Ago         Reading
      S&P 500 200-day average                 1178.9     1174.3        Positive
      Stocks above 200-day average              69.0%      55.0%       Neutral
      Options: Put/call ratio                   0.45       0.46        Negative
      Insiders: Vickers Sell/buy ratio          0.81       0.83        Positive
      
      BEST-PERFORMING             Last                                Last 12
      GROUPS                      month%                              months%
      Machine Tools                48.7      Broadcasting                90.1
      Aluminum                     32.1      Communications Equip.       82.0
      Metals                       28.3      Long-Dist. Telecomms.       76.8
      Hospital Management          27.3      Invest. Banking/Brkrge.     65.8
      Diversified Chemicals        26.8      Computer Software           62.3
      
      WORST-PERFORMING            Last                                 Last 12
      GROUPS                      month%                               months%
      Drugs                       -17.7      Manufactured Housing       -41.2
      Food Wholesalers            -16.1      Oil & Gas Drilling         -39.1
      Specialty Appar. Retailers  -13.9      Metal & Glass Containers   -25.3
      Health-Care Services        -12.0      Engineering & Constr.      -23.4
      Invest. Banking/Brkrge.     -11.9      Apparel Manufacturing      -22.2
      
      EQUITY FUND CATEGORIES
      Leaders                                 Laggards
      Four-week total return         %        Four-week total return      %
      Latin America                16.0       Large-cap Growth          -3.2
      Diversified Emerging Mkts.   15.1       Health                    -3.0
      Natural Resources            14.3       Communications            -1.1
      Real Estate                  13.6       Technology                -1.1
      Pacific/Asia ex-Japan        13.2       Europe                     0.3
      
      Leaders                                 Laggards
      52-week total return           %        52-week total return        %
      Technology                   56.1       Precious Metals          -19.0
      Communications               46.9       Small-cap Value          -13.8
      Japan                        30.1       Latin America            -13.4
      Large-cap Growth             28.1       Natural Resources        -11.4
      Pacific/Asia ex-Japan        19.7       Small-cap Blend          -10.2
      
      INTEREST RATES
                                                Week        Year
      KEY RATES                    May 12        ago         ago
      MONEY MARKET FUNDS           4.44%        4.45%       5.10%
      90-DAY TREASURY BILLS        4.57         4.61        5.12
      1-YEAR TREASURY BILLS        4.76         4.75        5.44
      10-YEAR TREASURY NOTES       5.57         5.40        5.64
      30-YEAR TREASURY BONDS       5.83         5.71        5.95
      30-YEAR FIXED MORTGAGE       7.19         7.02        7.18
      
      BLOOMBERG MUNI YIELD EQUIVALENTS
      Taxable equivalent yields on AAA-rated, tax-exempt municipal bonds, assuming a 
      31% federal tax rate.
                                    10-yr. bond         30-yr. bond
      GENERAL OBLIGATIONS               4.34%               5.03%
      TAXABLE EQUIVALENT                6.29                7.29
      INSURED REVENUE BONDS             4.47                5.27
      TAXABLE EQUIVALENT                6.48                7.64
      ***BanxQuote, Inc.
      
      
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