Commentary

How low can interest rates go? The bond market appeared unstoppable, with a 
      rally that helped to push the yield on the 30-year U.S. Treasury bond well 
      below 6%. The interest-rate rally was aided by falling gold and oil prices, 
      signs that inflation is dead. On the equity side of the Street, investors 
      returned from the holiday weekend with an urge to take profits. The Dow dropped 
      over 45 points on Sept. 7 and 8 alone. For the week, small and midsize stocks 
      were hit even harder than the blue chips.
      
      MARKET ANALYSIS
                                                              % change
      U.S. STOCKS                               
                                                Latest   Week   52-week
      DOW JONES INDUSTRIALS                     3588.9   -1.5   9.7
      MIDSIZE COMPANIES (S&P MidCap Index)       170.0   -2.5   18.0
      SMALL COMPANIES (Russell 2000)             243.0   -1.7   27.5
      ALL COMPANIES (Russell 3000)               263.6   -1.5   12.6
      
                                                         % change (local currency)
      FOREIGN STOCKS                             Latest  Week   52-week
      LONDON (FINANCIAL TIMES 100)              3035.4   -1.6   30.4
      TOKYO (NIKKEI INDEX)                    20,918.2   -0.2   10.8
      TORONTO (TSE COMPOSITE)                   3952.9   -4.6   14.6
      
      FUNDAMENTALS                             Latest  Week ago Year ago
      90-DAY TREASURY BILL YIELD                 3.02%   3.08%   2.98%   
      30-YEAR TREASURY BOND YIELD                5.86%   6.09%   7.26%   
      S&P 500 DIVIDEND YIELD                     2.73%   2.70%   2.97%   
      S&P 500 PRICE/EARNINGS RATIO                23.6    24.0    24.5      
      
      TECHNICAL INDICATORS                       Latest Week ago Reading
      S&P 500 26-week moving average             448.5   448.2   Positive   
      Stocks above 26-week moving average        62.9%   64.7%   Neutral   
      Speculative sentiment: Put/call ratio       0.44    0.45   Positive   
      Insider sentiment: Vickers sell/buy ratio   2.43    2.58   Neutral   
      BRIDGE INFORMATION SYSTEMS INC.
      
      INDUSTRY GROUPS
                              % change       Strongest         % change
      FOUR-WEEK LEADERS     4-week  52-week  stock in group  4-week   52-week   Price
      HEALTH-CARE SERVICES   13.8   -37.9    AMGEN             17.5   -41.5    37 3/4
      OIL EXPLORATION AND 
      PRODUCTION             11.0   1.4      ORYX ENERGY       18.0   -4.0     23 3/4
      MACHINE TOOLS           8.6   34.6     GIDDINGS & LEWIS  14.3   17.1     24   
      FOODS                   8.5   -9.8     BORDEN            23.0   -33.3    18 3/4
      
                              % change       Weakest             % change
      FOUR-WEEK LAGGARDS   4-week  52-week   stock in group   4-week   52-week  Price
      HOTELS AND MOTELS       8.3   94.5     PROMUS            14.0   308.3    67 3/8
      GOLD MINING           -14.9   30.4     ECHO BAY MINES   -26.5   50.0      9 3/8
      HOSPITAL MANAGEMENT   -12.1   -0.7     NATIONAL MEDICAL 
                                             ENTERPRISES      -34.0   -44.1     7 3/4
      AUTOMOBILES            -5.2   35.4     GENERAL MOTORS   -8.2     27.4    44 3/4 
      APPAREL MANUFACTURING  -4.7  -23.5     OSHKOSH B'GOSH   -13.5   -42.0    13 5/8
      SHOES                  -4.6  -21.5     NIKE             -7.0    -28.8    51 1/4
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      LEADERS                                 LAGGARDS
      Four-week total return            %     Four-week total return              %
      
      SCUDDER LATIN AMERICA            17.2   LEXINGTON STRATEGIC INVESTMENTS   -11.9
      MERRILL LYNCH LATIN AMERICA A    12.7   MONITREND GOLD                    -10.4
      PROGRESSIVE AGGRESSIVE GROWTH    10.8   SHERMAN, DEAN                      -9.0
      
      52-week total return                %   52-week total return                 % 
      PBHG GROWTH                      91.6   MONITREND GOLD                    -13.9
      LEXINGTON STRATEGIC INVESTMENTS  77.8   FIDELITY SELECT MEDICAL DELIVERY  -12.0
      EXCEL MIDAS GOLD SHARES          71.2   INVESCO STRATEGIC HEALTH SCIENCES -11.3
      
      RELATIVE PORTFOLIOS
      
         Foreign stocks   Treasury bonds   U.S. stocks   Gold   Money market fund
            $13,687          $12,662         $11,380    $10,650    $10,226
             +0.40%           +2.06%          -0.73%     -1.82%     +0.05%
      
      Dollar amounts
      represent the present value of $10,000
      invested one year ago in each portfolio
      Percentages indicate
      five-day total returns
      All data on this page are as of market close Wednesday, Sept. 8, 1993, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Sept. 7. Mutual fund 
      returns are as of Sept. 3. Relative portfolios are valued as of Sept. 7. A more 
      detailed explanation of this page is available on request.
      
Before it's here, it's on the Bloomberg Terminal.
LEARN MORE