Investment Figures Of The Week

COMMENTARY

Inflation fears roiled the markets. A larger-than-expected gain in retail sales

sent the Dow plunging 160 points early in the week--the index's largest drop in

almost eight months. Meanwhile, the prospect of a rate hike sent the 30-year

Treasury bond yield up 7 basis points, to 6.95%. A few days later, an uptick in

the consumer price index and weekly average earnings sent the Dow down again,

with technology and bank stocks pacing the decline. The tech-heavy NASDAQ

Composite lost 4.2% for the week.

Investment Figures of the Week
Investment Figures of the Week
      
                                                      % change
      U.S. MARKETS                          Latest   Week    Year
      Dow Jones Industrials                 6877.7    -2.3    21.6
      NASDAQ Combined Composite             1249.3    -4.2    12.3
      S&P MidCap 400                         258.9    -2.7    11.7
      S&P SmallCap 600                       141.1    -4.0    11.6
      S&P SuperComposite 1500                168.1    -2.4    19.3
      
                                                       % change
      SECTORS                                Latest   Week    Year
      Bloomberg Information Age              229.8    -3.1    12.9
      S&P Financials                          90.8    -4.6    37.6
      S&P Utilities                          192.9    -0.7     0.5
      PSE Technology                         241.3    -5.9    14.4
      
                                                       % change
      FOREIGN MARKETS                       Latest    Week    Year
      London (FT-SE 100)                    4332.2    -2.0    17.3
      Frankfurt (DAX)                       3315.9    -2.9    33.0
      Tokyo (NIKKEI 225)                  18,493.7     1.7    -9.5
      Hong Kong (Hang Seng)               12,651.4    -3.6    16.3
      Toronto (TSE 300)                     6089.0    -2.7    22.6
      Mexico City (IPC)                     3867.2     2.9    28.7
      
                                                      Week    Year
      FUNDAMENTALS                            Latest  ago      ago
      S&P 500 Dividend Yield                  1.86%   1.81%   2.16%
      S&P 500 P/E Ratio (Last 12 mos.)        20.8    21.4    19.0
      S&P 500 P/E Ratio (Next 12 mos.)*       16.6    17.1      NA
      First Call Earnings Revision*          -1.08%  -0.93%     NA
      
                                                       Week
      TECHNICAL INDICATORS                   Latest    ago    Reading
      S&P 500 200-day average                715.1   712.0    Positive
      Stocks above 200-day average            67.0%   72.0%   Neutral
      Options: Put/call ratio                 0.67    0.62    Neutral
      Insiders: Vickers Sell/buy ratio        1.79    1.78    Positive
      
                                             Latest   Week    Year
      KEY RATES                               week%   ago%    ago%
      MONEY MARKET FUNDS                      4.96    4.95    4.87
      90-DAY TREASURY BILLS                   5.29    5.21    5.19
      6-MONTH BANK CDS                        5.04    5.03    4.81
      1-YEAR TREASURY BILLS                   5.76    5.71    5.47
      10-YEAR TREASURY NOTES                  6.73    6.60    6.41
      30-YEAR TREASURY BONDS                  6.98    6.87    6.70
      LONG-TERM AA INDUSTRIALS                7.44    7.38    7.29
      LONG-TERM BBB INDUSTRIALS               7.80    7.71    7.71
      LONG-TERM AA TELEPHONES                 7.64    7.55    7.63
      
      BEST-PERFORMING               Last                            Last 12
      GROUPS                        month%                          months%
      Genl. Merchandise Chains      15.4      Shoes                   69.6
      Trucking                      14.9      Oil & Gas Drilling      67.1
      Specialty Retailers           10.7      Semiconductors          64.1
      Specialty Appar. Retailers     9.7      Savings & Loans         62.6
      Department Stores              6.7      Invest. Banking/Brkrge. 48.6
      
      WORST-PERFORMING               Last                           Last 12
      GROUPS                        month%                          months%
      Communications Equip.        -18.5      Machine Tools          -26.6
      Engineering & Constr.        -11.2      Engineering & Constr.  -21.7
      Invest. Banking/Brkrge.      -10.9      Broadcasting           -17.4
      Semiconductors               -10.7      Gold Mining            -17.1
      Computer Systems              -9.6      Steel                  -14.6
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead?  Stocks with most                   1-month
      significant buying on price weakness    Price       change
      IBM                                     139 3/8     -4 1/4
      Texas Instrument                         80         -3 1/2
      General Electric                        103         -4 1/2
      Procter & Gamble                        124 1/4     -2 7/8
      Exxon                                   101 1/4     -2
      Teva Pharmaceutical-ADR                  53 15/16   -6 3/32
      
      Decline ahead?  Stocks with most                   1-month
      significant selling on price strength    Price      change
      Microsoft                                99  5/8     2  1/8
      Amgen                                    60             5/8
      Republic Industries                      34  1/4        1/4
      C-Cube Microsystems                      26  1/8        7/8
      Monsanto                                 41  3/8     4
      L.M. Ericsson-ADR                        33  3/4     1  1/4
      
      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      4.94%   4.89%   5.54%   5.49%
      PERCENT OF TREASURIES   73.33   74.03   79.34   79.79
      TAXABLE EQUIVALENT       7.16    7.09    8.03    7.96
      INSURED REVENUE BONDS    5.07    5.00    5.79    5.72
      PERCENT OF TREASURIES   75.26   75.70   82.92   83.13
      TAXABLE EQUIVALENT       7.35    7.25    8.39    8.29
      
      EQUITY FUNDS
      Leaders                                Laggards
      Four-week total return             %   Four-week total return           %
      American Heritage               23.0   Amerindo Technology D         -23.1
      Tocqueville Intl. Value          6.9   Calvert Strat. Growth A       -20.6
      Fidelity Sel. Retailing          6.8   Van Wagoner Post-Venture      -17.7
      Goldman Sachs Sm. Cap A          5.3   Am. Cent.-20th C. Giftrust    -17.0
      United Svcs. China Reg. Op.      5.2   Am. Cent.-20th C. Vista       -16.0
      
      Leaders                                Laggards
      52-week total return               %   52-week total return              %
      Vontobel Eastern Euro. Eq.      58.4   Steadman Technology Grth.     -40.5
      Morgan Stan. Inst. Lat. Am. A   55.6   United Svcs. Gold Shares      -36.6
      State St. Res. Glob. Res. A     54.6   Matthews Korea                -33.1
      Morgan Stanley Latin Am. A      54.3   DFA Japanese Small Co.        -33.1
      Delaware Pooled Real Estate     48.6   Fidelity Japan Small Co.      -31.9
      
      EQUITY FUND CATEGORIES
      Leaders                            Laggards
      Four-week total return        %    Four-week total return        %
      Real Estate                 1.7    Technology                 -10.2
      Europe                      0.4    Small-cap Growth            -8.4
      Unaligned                  -0.3    Mid-cap Growth              -6.4
      Precious Metals            -0.3    Communications              -5.6
      Foreign                    -0.8    Large-cap Growth            -4.9
      
      Leaders                            Laggards
      52-week total return          %    52-week total return          %
      Real Estate                36.0    Japan                      -15.5
      Latin America              35.8    Precious Metals            -10.2
      Financial                  33.2    Diversified Pacific/Asia     0.5
      Europe                     21.7    Small-cap Growth             0.9
      Natural Resources          19.6    Communications               3.1
      
      All data are as of market close Wednesday, Mar. 19, 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 Mar. 18. 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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