Investment Figures Of The Week

COMMENTARY

A seesaw week in the markets, with stocks climbing for three straight days

before turning sour. The Dow Jones industrial average fell 45 points on Apr. 9,

after a three-day rally in which the market climbed 132 points. The Apr. 9

sell-off was sparked by Merck and other drugmakers. Bond yields climbed and so

did the dollar, which rose to a 55-month high against the yen and a three-year

high against the mark. Comments by Treasury Secretary Robert Rubin sparked the

dollar rally.

Investment Figures of the Week
Investment Figures of the Week
      
                                                      % change
      U.S. MARKETS                        Latest    Week    Year
      Dow Jones Industrials               6563.8     0.7     19.6
      NASDAQ Combined Composite           1249.4     4.0     12.6
      S&P MidCap 400                       255.3     2.5     11.2
      S&P SmallCap 600                     139.8     3.4      8.6
      S&P SuperComposite 1500              163.2     1.6     17.2
      
                                                      % change
      SECTORS                              Latest    Week    Year
      Bloomberg Information Age            231.4     3.3     17.7
      S&P Financials                        86.6     2.8     32.5
      S&P Utilities                        185.6    -1.6     -0.6
      PSE Technology                       250.8     5.4     23.3
      
                                                      % change
      FOREIGN MARKETS                     Latest     Week    Year
      London (FT-SE 100)                  4292.3     1.3     14.2
      Frankfurt (DAX)                     3359.5     1.7     34.2
      Tokyo (NIKKEI 225)                17,703.4    -1.9    -18.6
      Hong Kong (Hang Seng)             12,426.7     2.4     11.9
      Toronto (TSE 300)                   5798.7    -0.9     15.8
      Mexico City (IPC)                   3797.3     2.2     26.2
      
                                                    Week    Year
      FUNDAMENTALS                          Latest  ago      ago
      S&P 500 Dividend Yield                1.92%   1.94%    2.19%
      S&P 500 P/E Ratio (Last 12 mos.)      20.1    19.9     18.7
      S&P 500 P/E Ratio (Next 12 mos.)*     16.0    15.9       NA
      First Call Earnings Surprise*         5.25%   2.41%      NA
      
                                                    Week
      TECHNICAL INDICATORS                Latest    ago    Reading
      S&P 500 200-day average              722.3   720.0   Positive
      Stocks above 200-day average          56.0%   56.0%  Neutral
      Options: Put/call ratio                0.6    0.69   Neutral
      Insiders: Vickers Sell/buy ratio      1.98    2.04   Positive
      
                                           Latest  Week    Year
      KEY RATES                             week%   ago%    ago%
      MONEY MARKET FUNDS                    5.02    5.01    4.85
      90-DAY TREASURY BILLS                 5.22    5.30    5.10
      6-MONTH BANK CDS                      5.13    5.13    4.88
      1-YEAR TREASURY BILLS                 5.95    5.98    5.60
      10-YEAR TREASURY NOTES                6.89    6.88    6.56
      30-YEAR TREASURY BONDS                7.10    7.08    6.84
      LONG-TERM AA INDUSTRIALS              7.61    7.56    7.41
      LONG-TERM BBB INDUSTRIALS             7.96    7.94    7.84
      LONG-TERM AA TELEPHONES               7.82    7.77    7.68
      
      BEST-PERFORMING          Last                             Last 12
      GROUPS                   month%                           months%
      Trucking                 13.3     Semiconductors            79.5
      Restaurants               9.8     Savings & Loans           52.2
      Airlines                  4.1     Invest. Banking/Brkrge.   46.5
      Specialty Printing        3.5     Oil & Gas Drilling        44.4
      Genl. Merchandise Chain   1.5     Shoes                     42.9
      
      WORST-PERFORMING        Last                              Last 12
      GROUPS                  month%                            months%
      Hospital Management     -23.4     Gold Mining              -31.2   
      Photography/Imaging     -16.3     Machine Tools            -25.5
      Personal Loans          -15.9     Broadcasting             -20.8
      Tobacco                 -15.8     Engineering & Constr.    -19.3
      Shoes                   -15.3     Steel                    -17.8
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead?  Stocks with most
      significant buying on price weakness               1-month
                                            Price         change
      
      IBM                                 136   5/8     -9  1/2
      MCI Communications                   36  5/16     -   3/16
      Mobil                               126   1/4     -6  3/8
      Applied Materials                    53   1/2     -   1/4
      Citicorp                            114   3/4    -11  5/8
      3M                                   84   5/8     -7  7/8
      
      Decline ahead?  Stocks with most
      significant selling on price strength             1-month
                                            Price        change
      Cisco Systems                        55   3/8      2
      Intel                               146 39/64      1  55/64
      Oracle                               39   1/2      3   1/2
      Atmel                                27   1/2      1   3/8
      Cascade Communications               32   1/8      4   7/16
      Gateway 2000                         58 13/16      1  11/16
      
      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     5.07%   5.07%   5.63%   5.63%
      PERCENT OF TREASURIES   73.59   73.94   79.29   79.63
      TAXABLE EQUIVALENT       7.35    7.35    8.16    8.16
      INSURED REVENUE BONDS    5.24    5.24    5.89    5.89
      PERCENT OF TREASURIES   76.06   76.42   82.95   83.31
      TAXABLE EQUIVALENT       7.59    7.59    8.54    8.54
      
      EQUITY FUNDS
      Leaders                               Laggards
      Four-week total return            %   Four-week total return          %
      
      Merrill Technology A            7.1   IDS Precious Metals B        -18.2
      Rydex Ursa                      6.2   Invesco Strategic Gold       -17.0
      Amerindo Technology D           5.3   Morgan Stanley Inst. Gold A  -16.5
      GAM Japan Capital A             4.5   Midas                        -16.4
      Morgan Stan. Inst. Jap. Eq. A   3.5   Bull & Bear Gold Investors   -14.9
      
      Leaders                               Laggards
      52-week total return              %   52-week total return             %
      
      Morgan Stan Inst. Lat. Am. A    58.5  DFA Japanese Small Co.       -44.3
      Morgan Stanley Latin Amer. A    57.2  Steadman Technology Grth.    -42.0
      Vontobel Eastern Europ. Eq.     50.4  United Svcs. Gold Shares     -40.1
      Delaware Pooled Real Estate     46.0  Fidelity Japan Small Co.     -38.1
      Federated Latin Amer Gr. A      43.6  Matthews Korea               -33.6
      
      EQUITY FUND CATEGORIES
      Leaders                               Laggards
      Four-week total return             %  Four-week total return           %
      Latin America                   -0.2  Precious Metals              -11.7
      Technology                      -0.2  Health                        -8.2
      Japan                           -0.4  Financial                     -7.1
      International Hybrid            -2.5  Small-cap Growth              -7.0
      Diversified Emerging Markets    -2.6  Natural Resources             -5.9
      
      Leaders                               Laggards
      52-week total return               %  52-week total return             %
      Latin America                   36.8  Precious Metals              -21.7
      Real Estate                     33.0  Japan                        -19.7
      Financial                       29.2  Diversified Pacific/Asia      -4.8
      Large-cap Blend                 17.5  Pacific/Asia ex-Japan         -2.7
      Technology                      17.5  Small-cap Growth              -2.4
      
      All data are as of market close Wednesday, Apr. 9, 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 Apr. 8. 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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