Investment Figures Of The Week

COMMENTARY

With the data on consumer and wholesale prices showing that inflation was more

fiction than fact, interest rates fell, and stocks surged. The Nasdaq composite

index hit new highs, as did the S&P 500-stock index, before yielding on May. 15

to minor profit-taking. And even the Dow Jones industrial average, which failed

to break the record set on Apr. 3, soared 150 points for the week. High-tech

stocks continued strong, reflecting better-than-expected earnings. A big rally

on May 15 in Tokyo pushed the Nikkei above 22,000.

MARKET ANALYSIS

Investment Figures of the Week
                                                          % change
      U.S. STOCKS                          Latest      Week      52-week
      DOW JONES INDUSTRIALS                5625.4      2.8       27.2
      MIDSIZE COMPANIES (S&P MidCap Index) 240.8       3.5       26.4
      SMALL COMPANIES (Russell 2000)       358.1       3.7       31.3
      ALL COMPANIES (Russell 3000)         382.3       3.3       27.6
      
                                            % change (local currency)
      FOREIGN STOCKS                       Latest      Week      52-week
      LONDON (FINANCIAL TIMES 100)         3776.2      1.9       14.5
      TOKYO (NIKKEI INDEX)                 22,056.0    1.5       33.9
      TORONTO (TSE COMPOSITE)              5213.0      1.0       19.2
      
      FUNDAMENTALS                         Latest      Week ago  Year ago
      90-DAY TREASURY BILL YIELD           5.14%       5.13%     5.83%
      30-YEAR TREASURY BOND YIELD          6.84%       6.96%     6.86%
      S&P 500 DIVIDEND YIELD               2.13%       2.18%     2.52%
      S&P 500 PRICE/EARNINGS RATIO         19.4        18.9      16.2
      
      TECHNICAL INDICATORS                 Latest      Week ago  Reading
      S&P 500 200-day moving average       611.7       609.3     Positive
      Stocks above 200-day moving average  67.0%       61.0%r    Neutral
      Speculative sentiment:
       Put/call ratio                      0.56        0.66r     Negative
      Insider sentiment:
       Vickers sell/buy ratio              2.36        2.32      Neutral
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
                            % change                    % change
                           1-    12-   Strongest stock 1-    12-
      ONE-MONTH LEADERS    month month in group        month month Price
      1 COMMUNICATIONS     21.9  57.7  3COM            32.2  53.9   48 3/4
        EQUIPMENT
      2 SEMICONDUCTORS     16.6  11.7  LSI LOGIC       24.9   7.5   37 5/8
      3 SPECIALTY          15.7  40.1  TJX             33.8 161.2   33 5/8
        APPAREL RETAILERS
      4 COMPUTER SOFTWARE  15.1  43.1  ORACLE          19.7  62.1   35 1/8
      5 OFFICE EQUIPMENT   14.5  34.9  XEROX           20.6  30.0  153 1/2
        AND SUPPLIES
      
                            % change                       % change
      ONE-MONTH            1-    12-   Weakest stock      1-    12-
      LAGGARDS             month month in group           month month Price
      1 HMOs               -4.7  52.0  UNITED HEALTHCARE  -10.9  42.6 54
      2 STEEL              -4.5   1.3  INLAND STEEL       -11.1 -16.4 23
                                       INDUSTRIES
      3 DRUGS              -2.3  52.3  ELI LILLY          -8.9   58.4 56 1/8
      4 SPECIALTY          -1.6  10.8  GREAT LAKES        -6.6    3.7 63 5/8
        CHEMICALS                      CHEMICAL
      5 TRUCKING           -1.3  -4.8  CALIBER SYSTEM     -3.4    0.6 38 3/4
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                         LAGGARDS
      Four-week total return     %    Four-week total return    %
      1 FIRST AMERICAN         18.8   FIDELITY SELECT         -5.3
        TECHNOLOGY A                  AIR TRANSPORTATION
      2 ROBERTSON STEPHENS     18.6   GUINNESS FLIGHT         -2.2
        INFORMATION AGE               CHINA & HONG KONG
      3 DREYFUS AGGRESSIVE     18.5   CALVERT NEW AFRICA      -2.2
        GROWTH
      
      52-week total return       %    52-week total return      %
      1 TURNER SMALL           95.2   STEADMAN TECHNOLOGY    -18.4
        CAP EQUITY                    GROWTH
      2 PBHG SELECT EQUITY     90.9   STEADMAN AMERICAN      -10.0
                                      INDUSTRY
      3 IDS PRECIOUS METALS A  87.8   CALVERT NEW AFRICA      -6.3
      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.       Foreign       Treasury    Money
         stocks     stocks        bonds       market fund      Gold
         $12,927    $11,775       $10,673     $10,543          $10,230
         +4.28%     -0.77%        +2.73%      +0.11%           -0.84%
      
      All data on this page are as of market close Wednesday, May 15, 1996, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close May 14. Mutual fund returns 
      are as of May 10. Relative portfolios are valued as of May 14. A more detailed 
      explanation of this page is available on request. r=revised
      
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