Investment Figures Of The Week

COMMENTARY

The Dow Jones industrial average rose to an all-time high of 5,243--a 3.5%

increase from a week ago. Strong fourth-quarter earnings from IBM, Microsoft,

and United Technologies helped lift the index. As fear grew that the budget

stalemate in Washington would lead to a default, the yield on the 30-year

Treasury rose to 6.09%, but dropped to 6.03% as the threat of default waned.

The deal of the week: Wells Fargo's announcement that it would acquire First

Interstate. Speculation grew that Apple Computer would be taken over.

MARKET ANALYSIS

Investment Figures of the Week
                                                             % change
      U.S. STOCKS                                Latest    Week     52-week
      DOW JONES INDUSTRIALS                      5242.8    3.5      35.4
      MIDSIZE COMPANIES (S&P MidCap Index)       216.9     3.1      26.5
      SMALL COMPANIES (Russell 2000)             310.4     2.6      24.8
      ALL COMPANIES (Russell 3000)               353.0     2.4      32.0
      
      FUNDAMENTALS                               Latest    Week ago Year ago
      90-DAY TREASURY BILL YIELD                 5.12%     5.13%    5.93%
      30-YEAR TREASURY BOND YIELD                6.03%     6.01%    7.86%
      S&P 500 DIVIDEND YIELD                     2.22%     2.27%    2.77%
      S&P 500 PRICE/EARNINGS RATIO               17.3      17.1     16.6
      
                                                  % change (local currency)
      FOREIGN STOCKS                             Latest    Week     52-week
      LONDON (FINANCIAL TIMES 100)               3758.2    1.5      26.0
      TOKYO (NIKKEI INDEX)                       20,312.7  -1.3     11.9
      TORONTO (TSE COMPOSITE)                    4684.1    -1.9     14.1
      
      TECHNICAL INDICATORS                       Latest    Week ago Reading
      S&P 500 200-day moving average             568.0     565.3    Positive
      Stocks above 200-day moving average        65.0%     64.0%    Neutral
      Speculative sentiment: Put/call ratio      0.60      0.74r    Neutral
      Insider sentiment: Vickers sell/buy ratio  1.50      1.45     Positive
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
                             % change                    % change
                            1-    12-   Strongest stock 1-    12-
      ONE-MONTH LEADERS     month month in group        month month Price
      1 DEFENSE ELECTRONICS 26.1  140.3 LORAL           30.7  137.1 44 3/4
      2 GOLD MINING         15.3   36.9 SANTA FE        28.3   35.1 15 7/8
                                        PACIFIC GOLD
      3 HOTELS AND MOTELS    9.2   25.8 HILTON HOTELS   18.9   12.1 73 1/8
      4 STEEL                7.7   -6.2 USX-U.S.         9.9   -4.6 33 3/8
                                        STEEL GROUP
      5 RESTAURANTS          7.4   54.7 McDONALD'S       8.7   65.1 48 1/2
      
                               % change                  % change
                              1-    12-   Weakest stock 1-    12-
      ONE-MONTH LAGGARDS      month month in group      month month Price
      1 SEMICONDUCTORS  -11.6   14.0    LSI LOGIC       -29.1  22.8 25 1/4
      2 TRUCKING             -8.8 -13.5 CALIBER SYSTEM  -13.9 -15.2 36 3/8
      3 GENERAL MERCHANDISE  -8.6   2.7 KMART           -17.2 -55.1  6
        CHAINS
      4 SAVINGS AND LOANS    -7.5  45.3 GREAT WESTERN    -8.3  40.6 23 3/8
                                        FINANCIAL
      5 MANUFACTURED HOUSING -7.3  29.9 FLEETWOOD        -7.3  33.3 24
                                        ENTERPRISES
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                        LAGGARDS
      Four-week total return      %  Four-week total return         %
      1 MORGAN STANLEY          16.2 GOVETT SMALLER              -10.2
        INSTITUTIONAL GOLD           COMPANIES A
      2 SCUDDER GOLD            15.7 STEADMAN AMERICAN INDUSTRY   -9.9
      3 IDS PRECIOUS METALS A   15.5 TWENTIETH CENTURY            -9.7
                                     GIFTRUST INVESTORS
      52-week total return        %  52-week total return           %
      1 ALGER CAPITAL           70.5 EV MARATHON GREATER INDIA   -34.1
        APPRECIATION
      2 FIDELITY SELECT         66.6 STEADMAN AMERICAN INDUSTRY  -28.4
        ELECTRONICS
      3 MIDAS                   66.1 STEADMAN TECHNOLOGY GROWTH  -27.6
      DRI/McGRAW-HILL
      
      RELATIVE PORTFOLIOS
      
      Dollar amounts represent the present value of $10,000 invested one year ago in 
      each portfolio
      
      Percentages indicate five-day total returns
      
         U.S.      Treasury   Foreign   Money
         stocks    bonds      stocks    market fund   Gold
         $13,403   $13,240    $11,932   $10,564       $10,441
         +0.71%    +0.05%     -1.21%    +0.12%        +1.52%
      
      All data on this page are as of market close Wednesday, Jan. 24, 1996, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Jan. 23. Mutual fund 
      returns are as of Jan. 19. Relative portfolios are valued as of Jan. 23. A more 
      detailed explanation of this page is available on request. r=revised
      
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