COMMENTARY
      On the first trading day of the millennium, Jan. 3, the Nasdaq rose 1.5%, to a 
      record 4131, led by tech shares. The S&P 500 and Dow both fell. But the next 
      day, the Nasdaq plunged 229 points, or 5.6%. The Dow fell 360 points, or 3.2%, 
      and the S&P 500 sank 56 points, or 3.8%. Tech shares led the route. Blame 
      interest-rate fears.
      Data: Bloomberg Financial Markets
      
      STOCKS
      
                                              ---------% change---------
                                                      Year-to    Last 12
      U.S. MARKETS                 Jan. 5     Week      date      months
      Dow Jones Industrials      11,122.7     -3.2      -3.3       19.5
      Nasdaq Composite             3877.6     -4.1      -4.7       72.2
      Nasdaq 100                   3507.3     -4.9      -5.4       84.3
      S&P MidCap 400                426.4     -3.6      -4.1        9.2
      S&P SmallCap 600              188.2     -3.7      -4.9        6.7
      S&P SuperComposite 1500       294.9     -4.1      -4.5       12.2
      S&P/BARRA Growth              844.4     -4.8      -4.8       20.0
      S&P/BARRA Value               584.6     -3.5      -4.3        4.3
      S&P Basic Materials           138.9      0.7       0.5       21.8
      S&P Capital Goods            1042.4     -5.5      -6.1       17.9
      S&P Energy                    818.5     -2.1      -1.9       14.2
      S&P Financials                121.0     -8.3      -9.0       -8.2
      S&P REIT                       72.7     -0.5      -1.3      -15.4
      S&P Transportation            573.6     -3.7      -3.9      -15.5
      S&P Utilities                 229.4      1.7       1.0      -11.4
      GSTI Internet                 697.0     -4.1      -2.2      105.4
      Morgan Stanley Cyclical       566.4     -2.3      -3.3       16.9
      PSE Technology                910.0     -5.0      -6.4       96.7
      
                                             -----------% change-----------
                                                        Year-to     Last 12
      GLOBAL MARKETS            Jan. 5       Week        date        months
      S&P Euro Plus             1450.1       -4.6        -6.6        11.5
      London (FT-SE 100)        6535.9       -3.6        -5.7         9.7
      Frankfurt (DAX)           6502.1       -5.2        -6.6        23.8
      Tokyo (NIKKEI 225)      18,542.6        0.0        -2.1        40.1
      Hong Kong (Hang Seng)   15,846.7       -6.4        -6.6        60.2
      Toronto (TSE 300)         8119.4       -3.9        -3.5        21.9
      Mexico City (IPC)         6764.3       -3.5        -5.1        79.9
      
                                                            Week         Year
      FUNDAMENTALS                           Jan. 4         ago          ago
      S&P 500 Dividend Yield                  1.20%         1.15%        1.27%
      S&P 500 P/E Ratio (Trailing 12 mos.)    31.1          32.4         32.6
      S&P 500 P/E Ratio (Next 12 mos.)*       24.0          25.4         24.2
      First Call Earnings Surprise*           19.18%        4.79%        9.99%
      *First Call Corp.
      
                                                           Week
      TECHNICAL INDICATORS                    Jan. 4        ago       Reading
      S&P 500 200-day average                 1431.1      1342.8      Positive
      Stocks above 200-day average             25.0%       27.0%      Positive
      Options: Put/call ratio                   0.46        0.45      Negative
      Insiders: Vickers Sell/buy ratio          0.66        0.61      Positive
      
      BEST-PERFORMING       Last                                      Last 12
      GROUPS                month%                                    months%
      Metals                28.2                Instrumentation         113.8
      Health-Care Services  21.9                Aluminum                 97.6
      Aluminum              19.7                Communications Equip.    96.3
      nstrumentation        14.6                Metals                   81.3
      Pollution Control     11.0                Semiconductors           73.4
      
      WORST-PERFORMING       Last                Last 12
      GROUPS                 month%              months%
      Major Regional Banks    -19.1              Pollution Control        -59.0
      Money Center Banks      -17.2              Tobacco                  -52.9
      Savings & Loans         -16.2              Office Equip. & Supplies -51.5
      Toys                    -14.8              Manufactured Housing     -43.7
      Soft Drinks             -13.5              Specialty Printing       -41.1
      
      MUTUAL FUNDS
      
      EQUITY FUND CATEGORIES
      
      Leaders                                     Laggards
      Four-week total return           %          Four-week total return        %
      Diversified Emerging Mkts.      13.8        Financial                   -7.4
      Diversified Pacific/Asia        12.1        Large-cap Value             -2.7
      Pacific/Asia ex-Japan           11.5        Utilities                   -1.1
      Technology                       8.3        Mid-cap Value               -1.0
      Japan                            7.8        Domestic Hybrid             -0.5
      
      Leaders                                     Laggards
      52-week total return              %         52-week total return          %
      Technology                     127.5        Financial                   -8.3
      Japan                          117.7        Real Estate                 -6.6
      Diversified Pacific/Asia        98.8        Precious Metals             -0.1
      Pacific/Asia ex-Japan           79.4        Small-cap Value              0.4
      Diversified Emerging Mkts.      71.3        Large-cap Value              1.6
      
      INTEREST RATES
      
                                             Week        Year
      KEY RATES                 Jan. 5       ago         ago
      MONEY MARKET FUNDS        5.39%        5.39%       4.75%
      90-DAY TREASURY BILLS     5.43         5.23        4.47
      1-YEAR TREASURY BILLS     6.04         5.93        4.53
      10-YEAR TREASURY NOTES    6.60         6.40        4.73
      30-YEAR TREASURY BONDS    6.62         6.45        5.17
      30-YEAR FIXED MORTGAGE!   8.16         8.10        6.84
      !BanxQuote, Inc.
      
      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            5.13%               5.90%
      TAXABLE EQUIVALENT             7.43                8.55
      INSURED REVENUE BONDS          5.33                6.21
      TAXABLE EQUIVALENT             7.72                9.00
      
      
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