Investment Figures Of The Week

COMMENTARY

The U.S. stock market took center stage in the world financial markets, with

stocks recouping all their recent declines. The Dow Jones industrial average

climbed to an all-time high of 5889 on Sept. 16, as investors wagered that

profits would remain healthy and inflation would stay under control. But the

market subsided a bit on Sept. 17 and 18 as economic numbers, such as

weaker-than-expected machinery-export statistics, put a damper on profit

expectations.

MARKET ANALYSIS

Investment Figures of the Week
      
                                                                % change
      U.S. STOCKS                                Latest      Week      52-week
      DOW JONES INDUSTRIALS                      5877.4      2.1       22.6
      MIDSIZE COMPANIES (S&P MidCap Index)       238.1       1.8       9.0
      SMALL COMPANIES (Russell 2000)             341.6       1.4       8.5
      ALL COMPANIES (Russell 3000)               387.3       2.1       14.5
      
      FUNDAMENTALS                               Latest    Week Ago    Year Ago
      90-DAY TREASURY BILL YIELD                 5.25%       5.30%       5.33%
      30-YEAR TREASURY BOND YIELD                7.01%       7.11%       6.47%
      S&P 500 DIVIDEND YIELD                     2.12%       2.16%       2.32%
      S&P 500 PRICE/EARNINGS RATIO               19.5        19.1        16.9
      
                                                    % change (local currency)
      FOREIGN STOCKS                        Latest      Week      52-week
      LONDON (FINANCIAL TIMES 100)          3955.7       1.3       11.1
      TOKYO (NIKKEI INDEX)                  21,156.8     2.8       16.3
      TORONTO (TSE COMPOSITE)               5271.8       2.2       15.9
      
      TECHNICAL INDICATORS                         Latest   Week ago   Reading
      S&P 500 200-day moving average               647.2    645.4     Positive
      Stocks above 200-day moving average          59.0%    56.0%     Neutral
      Speculative sentiment: Put/call ratio        0.54     0.73r     Negative
      Insider sentiment: Vickers sell/buy
       ratio                                       1.27     1.27      Positive
      
      DATA: BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
                             % change                        % change
                            1-    12-  Strongest stock      1-    12-
      ONE-MONTH LEADERS   month month    in group           month month Price
      1.SHOES            16.4  109.2   NIKE                18.9   168.7 124 1/4
      2.COMPUTER SYSTEMS 12.3  23.8    DELL COMPUTER       37.2   100.2 83
      3.HMOs             9.8   25.9    UNITED HEALTHCARE   10.0  -7.6   42 3/4
      4.LEISURE TIME     9.7   21.3    BRUNSWICK           15.6   8.8   23 1/8
      5.SEMICONDUCTORS   9.6  -11.4    NATIONAL            24.2  -35.3  19 1/4
                                        SEMICONDUCTOR
      
                             % change                         % change
                           1-    12-     Weakest stock       1-     12-
      ONE-MONTH LAGGARDS   month month   in group           month  month Price
      1.SPECIALTY APPAREL -9.7   45.0    GAP              -14.6    74.5  30 3/4
       RETAILERS
      2.HOTELS AND MOTELS -6.6   16.7    ITT              -18.5    NA    46 3/8
      3.MANUFACTURED      -5.8   36.8    FLEETWOOD        -5.8     36.8  28 3/8
       HOUSING                             ENTERPRISES
      4.ENGINEERING       -4.9   4.7     FLUOR            -6.3     6.5   61 3/4
       AND CONSTRUCTION
      5.METAL AND GLASS   -4.2  -1.0     CROWN CORK       -4.6     5.4   46 3/4
       CONTAINERS                          & SEAL
      
      MUTUAL FUNDS
      
      LEADERS                            LAGGARDS
      Four-week total return    %        Four-week total return          %
      1.VOYAGEUR AGGRESSIVE   13.1       WARBURG PINCUS JAPAN OTC COMM.-5.1
       GROWTH A
      2.FIDELITY EXPORT       11.6       FIDELITY JAPAN SMALL          -4.4
                                          COMPANIES
      3.EV MARATHON GOLD &    11.6       DEAN WITTER JAPAN             -3.7
       NATURAL RESOURCES
      
      52-week total return     %        52-week total return             %
      1.LANDMARK SMALL CAP   60.7       STEADMAN TECHNOLOGY GROWTH    -39.2
       EQUITY A
      2.GT GLBL. PINCUS      52.4       MATTHEWS KOREA                -24.2
       POST-VENTURE CAP COMM.
      3.IDS PRECIOUS         50.1       STEADMAN AMERICAN INDUSTRY    -22.5
       METALS A
      
      MORNINGSTAR INC.
      
      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. stocks  Foreign stocks  Money market fund   Gold   Treasury bonds
         $11,902       $11,294           $10,520      $10,091     $9,838
          +2.88%        +1.07%            +0.11%       +1.46%     -0.51%
      
      DRI/McGRAW-HILL
      
      All data on this page are as of market close Wednesday, Sept. 18, 1996, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Sept. 17. Mutual fund 
      returns are as of Sept. 13. Relative portfolios are valued as of Sept. 17. A 
      more detailed explanation of this page is available on request. r=revised. NA= 
      Not available.
      
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