Investment Figures Of The Week

COMMENTARY

A record-shattering week on Wall Street, which saw the major market indexes

rise to all-time highs on Feb. 12. On that day, the Standard & Poor's 500-stock

index climbed 13 points to close at 803, piercing the 800 mark for the first

time, and the Dow Jones industrial average climbed 103 points to close at 6962,

also a record. Strong earnings expectations propelled the market. But the bond

market was tepid, as investors showed lackluster demand for 10-year Treasury

notes at the auction on Feb. 12.

Investment Figures of the Week
Investment Figures of the Week
      
                                                    % change
      U.S. MARKETS                      Latest     Week    Year
      Dow Jones Industrials              6961.6     3.2     24.3
      NASDAQ Combined Composite          1359.0     0.8     24.1
      S&P MidCap 400                      265.7     1.6     17.0
      S&P SmallCap 600                    146.0    -0.1     17.8
      S&P SuperComposite 1500             171.9     2.9     20.8
      
                                                     % change
      SECTORS                             Latest    Week    Year
      Bloomberg Information Age           249.4     2.7     18.1
      S&P Financials                       92.5     4.2     37.6
      S&P Utilities                       200.0     1.3     -6.5
      PSE Technology                      262.6     2.3     21.1
      
                                                     % change
      FOREIGN MARKETS                    Latest    Week     Year
      London (FT-SE 100)                 4304.3     0.5     15.5
      Frankfurt (DAX)                    3216.1     3.8     32.5
      Tokyo (NIKKEI 225)               18,410.0     1.2    -12.1
      Hong Kong (Hang Seng)            13,462.6    -1.4     19.6
      Toronto (TSE 300)                  6165.4     0.9     22.1
      Mexico City (IPC)                  3802.6     4.1     28.9
      
                                                       Week      Year
      FUNDAMENTALS                        Latest        ago       ago
      S&P 500 Dividend Yield               1.84 %       1.84 %    2.10 %
      S&P 500 P/E Ratio (Last 12 mos.)     20.6         20.6      18.9
      S&P 500 P/E Ratio (Next 12 mos.)*    16.7         16.6        NA
      First Call Earnings Revision*       -0.41 %       -0.2 %      NA
      
                                                        Week
      TECHNICAL INDICATORS                Latest        ago      Reading
      S&P 500 200-day average             698.1        694.8     Positive
      Stocks above 200-day average         70.0 %       71.0 %   Neutral
      Options: Put/call ratio              0.62         0.54     Positive
      Insiders: Vickers Sell/buy ratio     1.76         1.78     Positive
      
                                          Latest   Week    Year
      KEY RATES                            week%   ago%    ago%
      MONEY MARKET FUNDS                   4.95    4.96    5.02
      90-DAY TREASURY BILLS                5.13    5.13    4.93
      6-MONTH BANK CDS                     5.03    5.03    4.63
      1-YEAR TREASURY BILLS                5.49    5.53    4.80
      10-YEAR TREASURY NOTES               6.41    6.47    5.61
      30-YEAR TREASURY BONDS               6.70    6.75    6.05
      LONG-TERM AA INDUSTRIALS             7.17    7.22    6.62
      LONG-TERM BBB INDUSTRIALS            7.51    7.59    7.02
      LONG-TERM AA TELEPHONES              7.39    7.45    6.96
      
      BEST-PERFORMING          Last                           Last 12
      GROUPS                  month%                          months%
      Savings & Loans          16.6    Shoes                   98.0
      Shoes                    16.4    Semiconductors          81.8
      Defense Electronics      15.6    Oil & Gas Drilling      71.1
      Money Center Banks       15.3    Money Center Banks      51.8
      Trucking                 15.0    Personal Loans          49.6
      
      WORST-PERFORMING         Last                           Last 12
      GROUPS                  month%                          months%
      Oil & Gas Drilling      -14.9    Gold Mining            -20.4
      Oil Exploration & Prod. -13.4    Broadcasting           -17.6
      Communications Equip.    -7.1    Trucking               -17.4
      Oil-Well Equip. & Svcs.  -5.7    Steel                  -15.7
      Aluminum                 -4.8    Restaurants            -14.6
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead?  Stocks with most                   1-month
      significant buying on price weakness    Price       change
      IBM                                    145  1/4    -18  5/8
      Motorola                                63  1/2     -2  1/4
      Ascend Communications                   60  3/8     -8  1/8
      Exxon                                  101  5/8     -1  1/2
      Read-Rite                               26  3/8     -2  7/8
      Caterpillar                             79  1/8     -   1/4
      
      Decline ahead?  Stocks with most                     1-month
      significant selling on price strength   Price        change
      Intel                                  151  3/4      4  7/8
      Microsoft                               98  1/2     14  3/4
      Sun Microsystems                        33  3/8      5  5/8
      Amgen                                   56  5/8      3  5/8
      Republic Industries                     36              1/8
      Dell Computer                           63  5/8      2  1/2
      
      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
                              Latest  Last    Latest  Last
                              week    week    week    week
      GENERAL OBLIGATIONS      4.81%   4.88%   5.41%   5.48%
      PERCENT OF TREASURIES   75.03   75.53   80.67   81.20
      TAXABLE EQUIVALENT       6.97    7.07    7.84    7.94
      INSURED REVENUE BONDS    4.92    4.99    5.64    5.72
      PERCENT OF TREASURIES   76.75   77.26   84.09   84.76
      TAXABLE EQUIVALENT       7.13    7.23    8.17    8.29
      
      EQUITY FUNDS
      Leaders                                Laggards
      Four-week total return            %    Four-week total return           %
      American Heritage              32.3    GT Glob. Natural Res. A       -14.8
      Lexington Troika Russia        23.4    Fidelity Sel. Natural Gas     -14.6
      Merrill Mid. East/Africa A     11.4    Van Wagoner Emerging Gr.      -13.0
      Vontobel Eastern Europ. Eq.     0.2    Van Wagoner Mid-Cap           -10.6
      Fidelity Sel. Brokerage         9.5    Pin Oak Aggressive Stock      -10.6
      
      Leaders                                Laggards
      52-week total return              %    52-week total return              %
      State St. Res. Glob. Res. A    63.4    United Svcs. Gold Shares      -44.7
      Interactive Inv. Tech Val.     58.0    Steadman Technology Grth.     -38.7
      Portico MicroCap Instl.        55.1    DFA Japanese Small Co.        -35.3
      Warburg Small Co. Val. Com.    51.1    Fidelity Japan Small Co.      -32.0
      Oakmark Small Cap              49.4    Van Eck Intl. Inv. Gold A     -30.2
      
      EQUITY FUND CATEGORIES
      Leaders                                Laggards
      Four-week total return            %    Four-week total return            %
      Financial                       5.4    Natural Resources             -6.0
      Latin America                   4.7    Technology                    -4.7
      Diversified Emerging Markets    4.1    Small-cap Growth              -3.7
      Health                          3.7    Japan                         -3.0
      Large-cap Blend                 1.9    Mid-cap Growth                -2.1
      
      Leaders                                Laggards
      52-week total return              %    52-week total return             %
      Real Estate                    32.8    Japan                        -19.5
      Financial                      32.5    Precious Metals              -16.9
      Latin America                  24.4    Diversified Pacific           -2.3
      Europe                         23.7    Communications                 3.7
      Natural Resources              21.7    Pacific ex-Japan               4.8
      
      All data are as of market close Wednesday, Feb. 12, 1997, unless otherwise 
      indicated. Industry groups include S&P 500 companies only.  Fundamentals, 
      technical indicators, Bloomberg money flow analysis, and mutual fund returns 
      are as of Feb. 11. For a more detailed explanation, write to us or E-mail 
      figures@businessweek.com  NA=Not available  **Vanguard Index 500 Fund
      
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