Investment Figures Of The Week

COMMENTARY

Concern about turmoil in Asia hurting U.S. corporate profits led to a volatile

week in the markets. Korea's crisis hit tech stocks particularly hard, with the

NASDAQ Composite losing more than 3%. The yield on the 30-year Treasury fell as

low as 5.92% as producer prices showed an unexpected drop. Japan's planned

income tax cut, and the sale of dollars by the Bank of Japan, helped bring the

long bond's yield to 6.00% and sent the dollar plunging against the yen. The

Federal Reserve left interest rates unchanged at its Dec. 16 meeting.

Investment Figures of the Week
Investment Figures of the Week
      
                                                           % change
      U.S. MARKETS                       Latest        Week      Year
      
      Dow Jones Industrials              7957.4        -0.3      25.4
      NASDAQ Combined Composite          1547.4        -3.1      20.4
      S&P MidCap 400                      324.6        -1.0      29.9
      S&P SmallCap 600                    176.6        -1.3      24.9
      S&P SuperComposite 1500             207.1        -0.5      31.3
      
                                                           % change
      SECTORS                            Latest        Week      Year
      
      Bloomberg Information Age           288.9        -2.2      25.4
      S&P Financials                      119.1         0.2      48.5
      S&P Utilities                       225.9         2.5      15.4
      PSE Technology                      283.4        -4.1      14.3
      
                                                        % change
      FOREIGN MARKETS                   Latest         Week     Year
      
      London (FT-SE 100)                 5190.8         1.2      29.2
      Frankfurt (DAX)                    4158.7         1.0      47.4
      Tokyo (NIKKEI 225)               16,541.1         0.4     -17.7
      Hong Kong (Hang Seng)            10,692.7        -3.0     -16.2
      Toronto (TSE 300)                  6625.5        -1.9      15.7
      Mexico City (IPC)                  5112.0         1.3      56.2
      
                                                       Week     Year
      FUNDAMENTALS                        Latest       ago       ago
      
      S&P 500 Dividend Yield               1.58 %      1.57 %    2.00                %
      S&P 500 P/E Ratio (Last 12 mos.)     24.3        24.6      20.3
      S&P 500 P/E Ratio (Next 12 mos.)*    19.2        19.3      15.7
      First Call Earnings Revision*       -2.00 %     -1.35 %   -0.11               %
      
                                                      Week
      TECHNICAL INDICATORS               Latest       ago       Reading
      
      S&P 500 200-day average             889.2       885.0     Positive
      Stocks above 200-day average         65.0 %      70.0 %   Neutral
      Options: Put/call ratio              0.72        0.51     Positive
      Insiders: Vickers Sell/buy ratio     2.18        2.56     Neutral
      
      BEST-PERFORMING            Last                               Last 12
      GROUPS                    month%                              months%
      
      Manufactured Housing      37.0       Trucking                 142.4
      Airlines                  12.9       Invest. Banking/Brkrge.   87.4
      Long-Distance Telecom.    11.1       Savings & Loans           75.7
      Major Regional Banks       9.2       Airlines                  66.7
      Newspaper Publishing       8.6       Homebuilding              66.4
      
      WORST-PERFORMING           Last                               Last 12
      GROUPS                    month%                              months%
      
      Oil & Gas Drilling       -17.4       Gold Mining              -36.2
      Metals                   -15.9       Engineering & Constr.    -33.8
      Leisure Time             -14.8       Metals                   -31.9
      Shoes                    -14.0       Photography/Imaging      -27.0
      Semiconductors           -13.5       Shoes                    -18.0
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead?  Stocks with most                        1-month
      significant buying on price weakness    Price            change
      
      Schlumberger                            79               -9 3/16
      Compaq Computer                         57 1/2           -9 1/8
      McDonald's                              45 11/16         -1 7/16
      Texas Instruments                       44               -6 5/8
      Cliffs Drilling                         52 1/16         -17 15/16
      Motorola                                56 1/4          -10
      
      Decline ahead?  Stocks with most                            1-month
      significant selling on price strength   Price               change
      
      3Com                                    35 1/4            1  1/8
      WorldCom                                32 1/2            1  5/16
      Boeing                                  50 5/8               15/16
      Sun Microsystems                        36 13/16             1/16
      Dell Computer                           87                2  3/8
      Pfizer                                  76 3/4            5  3/8
      
      Data: Bloomberg Financial Markets; *First Call Corp.
      
                                   Latest     Week      Year
      KEY RATES                     week%     ago%      ago%
      
      MONEY MARKET FUNDS            5.22      5.20      4.93
      90-DAY TREASURY BILLS         5.24      5.21      5.03
      6-MONTH BANK CDS              5.21      5.21      5.00
      1-YEAR TREASURY BILLS         5.49      5.51      5.55
      10-YEAR TREASURY NOTES        5.81      5.90      6.46
      30-YEAR TREASURY BONDS        6.00      6.10      6.69
      LONG-TERM AA INDUSTRIALS      6.62      6.63      7.23
      LONG-TERM BBB INDUSTRIALS     6.96      7.03      7.69
      LONG-TERM AA TELEPHONES       6.96      7.02      7.40
      
                       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       4.45%   4.50%      5.03%    5.08%
      PERCENT OF TREASURIES    76.62   76.56      83.85    83.63
      TAXABLE EQUIVALENT        6.45    6.52       7.29     7.36
      INSURED REVENUE BONDS     4.55    4.60       5.22     5.27
      PERCENT OF TREASURIES    78.35   78.26      87.01    86.76
      TAXABLE EQUIVALENT        6.59    6.67       7.57     7.64
      
      EQUITY FUNDS
      Leaders                               Laggards
      Four-week total return        %       Four-week total return           %
      
      Stagecoach Strat. Grth. C    33.1     Matthews Korea                 -35.3
      Smith Barney Apprec. B       18.9     Merrill Technology B           -22.5
      Wright EquiFd.-Mexico        11.9     DFA Japanese Small Co.         -18.8
      Invesco Latin Amer. Grth.    10.1     Van Wagoner Post-Venture       -17.6
      Fidelity Latin America        9.8     Eaton Vance Wwde. Dev. Res. B  -17.6
      
      Leaders                               Laggards
      52-week total return          %       52-week total return             %
      
      Fidelity Sel. Brokerage      70.6     Midas                          -60.9
      Lexington Troika Russia      67.9     U.S. Global Investors Gold     -60.4
      American Heritage            59.3     Morgan Stan. Instl. Gold A     -58.9
      Evergreen U.S. Real Est. Y   59.0     Matthews Korea                 -58.8
      Titan Financial Services     58.2     Invesco Strategic Gold         -58.2
      
      EQUITY FUND CATEGORIES
      Leaders                               Laggards
      Four-week total return         %      Four-week total                   %
      
      Latin America                 7.3     Precious Metals                -12.6
      Financial                     6.8     Technology                      -9.1
      Utilities                     4.6     Natural Resources               -7.8
      Large-cap Value               2.3     Japan                           -7.8
      Large-cap Blend               2.1     Pacific/Asia ex-Japan           -7.6
      
      Leaders                               Laggards
      52-week total return          %       52-week total return             %
      
      Financial                    48.5     Precious Metals                -46.3
      Large-cap Blend              30.4     Pacific/Asia ex-Japan          -33.8
      Mid-cap Value                29.1     Diversified Pacific/Asia       -26.5
      Large-cap Value              29.1     Japan                          -20.9
      Large-cap Growth             28.7     Diversified Emerging Mkts.      -3.4
      
      All data are as of market close Wednesday, Dec. 17, 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 Dec. 16. 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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