COMMENTARY
      Rising labor costs, strong consumer spending, and factories running near 
      capacity all raised the specter of further Fed tightening, and that sent 
      investors running for cover. The Dow industrials gave up 4.3% for the week, 
      and the S&P lost 3.1%. By contrast, the tech-driven Nasdaq held up well, 
      ending with a gain of 2.1%. The sinking Euro put a damper on European 
      equities.
      
      STOCKS
      
                                                    -----------% change--------
                                                            Year to   Last 12
      U.S. MARKETS                        May 3    Week      date      months
      S&P 500                             1415.1   -3.1      -3.7       4.5
      Dow Jones Industrials             10,480.1   -4.3      -8.8      -4.9
      Nasdaq Composite                    3707.3    2.1      -8.9      46.2
      S&P MidCap 400                       465.8   -0.8       4.7      16.2
      S&P SmallCap 600                     199.7    0.7       1.0      15.3
      Wilshire 5000                     13,179.2   -2.0      -4.6       6.4
      
      SECTORS
      
      Business Week 50*                   1218.0   -3.9      -5.9      27.7
      Business Week Info Tech 100**        935.9   -3.6       NA        NA
      S&P/BARRA Growth                     851.4   -2.3      -4.0      13.9
      S&P/BARRA Value                      590.9   -4.0      -3.2      -5.7
      S&P Energy                           836.4   -1.6       0.2      -6.0
      S&P Financials                       129.2   -5.4      -2.9     -14.1
      S&P REIT                              80.3    2.9       9.1      -7.7
      S&P Transportation                   576.7   -3.2      -3.4     -28.6
      S&P Utilities                        260.3   -3.8      14.5       1.5
      GSTI Internet                        468.7    2.5     -34.2     -14.1
      PSE Technology                      1037.2   -0.9       6.7      98.9
      *Mar. 19, 1999=1000      **Feb. 7, 2000=1000
      
                                              -----------% change--------
                                                        Year to   Last 12
      GLOBAL MARKETS                   May 3    Week      date     months
      S&P Euro Plus (U.S. Dollar)     1451.4    -0.8      -3.9      11.7
      London (FT-SE 100)              6184.8    -1.6     -10.8      -5.3
      Paris (CAC 40)                  6435.7     1.8       8.0      45.0
      Frankfurt (DAX)                 7376.9    -0.2       6.0      37.2
      Tokyo (NIKKEI 225)            18,439.4     1.7      -2.6      10.4
      Hong Kong (Hang Seng)         15,577.5     1.3      -8.2      14.9
      Toronto (TSE 300)               9291.3    -0.9      10.4      31.2
      Mexico City (IPC)               6415.5    -5.1     -10.0      15.0
      
      FUNDAMENTALS                              May 3   Wk. ago   Yr. ago
      S&P 500 Dividend Yield                    1.15%   1.13%     1.21%
      S&P 500 P/E Ratio (Trailing 12 mos.)      29.3    30.5      33.9
      S&P 500 P/E Ratio (Next 12 mos.)*         23.4    24.2      24.5
      First Call Earnings Revision*             0.13%   0.29%     0.33%
      *First Call Corp.
      
      TECHNICAL INDICATORS                      May 3   Wk. ago   Reading
      S&P 500 200-day average                   1385.9  1384.6    Positive
      Stocks above 200-day average              43.0%   40.0%     Neutral
      Options: Put/call ratio                   0.46    0.55      Negative
      Insiders: Vickers Sell/buy ratio          0.91    0.91      Positive
      
      BEST-PERFORMING           Last                                     Last 12
      GROUPS                    month%                                   months%
      Gold Mining               15.5          Instrumentation            140.0
      Auto Parts & Equip.       15.4          Semiconductors             109.2
      Machine Tools             14.1          Communications Equip.       82.0
      Electric Companies        10.9          Defense Electronics         71.3
      Oil Exploration & Prod.    9.7          Computer Systems            49.5
      
      WORST-PERFORMING            Last                                  Last 12
      GROUPS                      month%                                months%
      Instrumentation             -25.4       Pollution Control         -70.8
      Specialty Appar. Retailers  -20.9       Toys                      -56.2
      Long-Dist. Telecomms.       -18.0       Office Equip. & Supplies  -53.0
      Defense Electronics         -17.1       Life Insurance            -52.2
      Invest. Banking/Brkrge.     -16.2       Metal & Glass Containers  -51.6
      
      INTEREST RATES
      
                                              Week      Year
      KEY RATES                     May 3     ago       ago
      MONEY MARKET FUNDS            5.64%     5.61%     4.45%
      90-DAY TREASURY BILLS         5.92      5.75      4.61
      1-YEAR TREASURY BILLS         6.18      6.19      4.75
      10-YEAR TREASURY NOTES        6.40      6.14      5.40
      30-YEAR TREASURY BONDS        6.11      5.95      5.71
      30-YEAR FIXED MORTGAGE+       8.37      8.19      7.02
      +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           5.14%               5.75%
      TAXABLE EQUIVALENT            7.45                8.33
      INSURED REVENUE BONDS         5.28                5.98
      TAXABLE EQUIVALENT            7.65                8.67
      
      MUTUAL FUNDS
      
      EQUITY FUND CATEGORIES
      
      Leaders                                 Laggards
      Four-week total return         %        Four-week total return          %
      Real Estate                   8.1       Diversified Emerging Mkts.    -7.6
      Natural Resources             2.7       Latin America                 -7.4
      Small-cap Value               1.7       Pacific/Asia ex-Japan         -7.2
      Mid-cap Value                 1.1       Communications                -6.2
      Small-cap Blend               0.8       Diversified Pacific/Asia      -6.1
      
      Leaders                                 Laggards
      52-week total return            %       52-week total return             %
      Technology                    98.8      Precious Metals               -18.2
      Small-cap Growth              60.5      Financial                     -12.5
      Mid-cap Growth                60.0      Large-cap Value                -2.1
      Japan                         56.4      Real Estate                     0.4
      Health                        48.9      Mid-cap Value                   0.9
      
      
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