Investment Figures Of The Week

COMMENTARY

A troublesome week for the dollar and for U.S. stocks. The dollar fell against

the yen on Jan. 7, over concern that Japanese and U.S. officials might sell

dollars to bolster the yen. Meanwhile, U.S. stocks, which rose in trading on

Jan. 2 and Jan. 5, declined during the following two days. The biggest drop was

registered on Jan. 6, when the Dow Jones industrial average fell 72 points.

Traders were concerned that corporate earnings might not be up to par,

particularly among banks and oil companies.

Investment Figures of the Week
Investment Figures of the Week
      
                                                   % change
      U.S. MARKETS                 Latest      Week      Year
      
      Dow Jones Industrials        7902.3      1.4        20.7
      NASDAQ Combined Composite    1561.7      1.6        18.3
      S&P MidCap 400                325.8      0.2        26.2
      S&P SmallCap 600              177.9      0.6        21.8
      S&P SuperComposite 1500       207.0      1.0        28.2
      
                                                  % change
      SECTORS                     Latest       Week       Year
      
      Bloomberg Information Age     293.4      1.5        25.4
      S&P Financials                116.2     -0.2        41.8
      S&P Utilities                 228.2     -2.5        14.2
      PSE Technology                290.8      2.8        16.3
      
                                                  % change
      FOREIGN MARKETS              Latest     Week        Year
      
      London (FT-SE 100)           5224.1      2.2        27.8
      Frankfurt (DAX)              4391.5      4.6        51.1
      Tokyo (NIKKEI 225)         15,028.2      1.7       -19.6
      Hong Kong (Hang Seng)       9,538.6     -9.2       -29.1
      Toronto (TSE 300)            6590.6     -0.9        11.1
      Mexico City (IPC)            4942.9     -3.5        38.9
      
                                                       Week        Year
      FUNDAMENTALS                        Latest       ago          ago
      
      S&P 500 Dividend Yield              1.59 %       1.61 %      1.92 %
      S&P 500 P/E Ratio (Last 12 mos.)    24.6         23.6        21.2
      S&P 500 P/E Ratio (Next 12 mos.)*   19.0         18.6        16.1
      First Call Earnings Surprise*       -4.7 %       2.00 %      1.92 %
      
                                                     Week
      TECHNICAL INDICATORS               Latest       ago        Reading
      
      S&P 500 200-day average             899.6       894.2      Positive
      Stocks above 200-day average         64.0 %      62.0 %    Neutral
      Options: Put/call ratio              0.55        0.58      Negative
      Insiders: Vickers Sell/buy ratio     1.90        2.03      Positive
      
      BEST-PERFORMING        Last                                      Last 12
      GROUPS                 month%                                    months%
      
      Entertainment           7.9              Trucking                 155.2
      Defense Electronics     7.7              Invest. Banking/Brkrge.   73.0
      Publishing              7.2              Airlines                  70.1
      Photography/Imaging     5.8              Savings & Loans           62.3
      Broadcasting            5.2              Homebuilding              59.1
      
      WORST-PERFORMING       Last                                      Last 12
      GROUPS                 month%                                    months%
      
      Oil & Gas Drilling     -21.8            Metals                    -36.0
      Money Center Banks     -12.1            Engineering & Constr.     -35.3
      Metals                 -12.0            Gold Mining               -34.9
      Savings & Loans        -11.4            Shoes                     -28.5
      Shoes                  -11.4            Photography/Imaging       -20.9
      
                          BLOOMBERG MONEY FLOW ANALYSIS
      
      Rebound ahead?  Stocks with most                              1-month
      significant buying on price weakness    Price                  change
      
      Telebras-ADR                            112 1/2                 -13/16
      Citicorp                                123                   -18 7/8
      Trump Hotels & Casino Resorts             7 1/8                 - 3/4
      IBM                                     105 1/4                -7 5/8
      Chase Manhattan                         107 3/16              -10 3/16
      AMR                                     129 7/16               -2 3/8
      
      Decline ahead?  Stocks with most                              1-month
      significant selling on price strength   Price                  change
      
      Pfizer                                   77 1/4                 2 1/2
      American International Group            108 15/16               2 7/16
      Anchor Gaming                            56 7/8                 4 1/2
      Chubb                                    77 3/4                 2 1/8
      Ciena                                    60 3/4                   5/8
      Comcast                                  30 7/16                2 5/8
      
      Data: Bloomberg Financial Markets; *First Call Corp.
      
                                   Latest      Week        Year
      KEY RATES                    week%       ago%        ago%
      
      MONEY MARKET FUNDS            5.25       5.25        4.98
      90-DAY TREASURY BILLS         5.20       5.38        5.16
      6-MONTH BANK CDS              5.20       5.21        5.01
      1-YEAR TREASURY BILLS         5.28       5.52        5.61
      10-YEAR TREASURY NOTES        5.53       5.76        6.60
      30-YEAR TREASURY BONDS        5.78       5.92        6.83
      LONG-TERM AA INDUSTRIALS      6.41       6.55        7.33
      LONG-TERM BBB INDUSTRIALS     6.74       6.88        7.80
      LONG-TERM AA TELEPHONES       6.74       6.89        7.54
      
                        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       4.37%    4.40%     4.95%      4.98%
      PERCENT OF TREASURIES    79.10    76.47     85.63      84.10
      TAXABLE EQUIVALENT        6.33     6.38      7.17       7.22
      INSURED REVENUE BONDS     4.46     4.50      5.13       5.17
      PERCENT OF TREASURIES    80.73    78.20     88.74      87.31
      TAXABLE EQUIVALENT        6.46     6.52      7.43       7.49
      
      EQUITY FUNDS
      Leaders                                 Laggards
      Four-week total return         %        Four-week total return            %
      
      Blanchard Precious Metals    10.9       Lex. Crosby Sm. Cap Asia       -21.2
      PIMCo Precious Metals        10.2       Matthews Pacific Tiger         -20.1
      GT Global Telecommun. B       9.3       Guinness Flgt. Asia Sm. Cap    -17.7
      Fidelity Sel. Prec. Metals    8.9       Morg. Stan. Instl. Asia Eq. A  -17.6
      Gabelli Gold                  8.6       GT Glob. Natural Res. A        -17.6
      
      Leaders                                 Laggards
      52-week total return          %         52-week total return             %
      
      Lexington Troika Russia      63.3       Matthews Korea                 -62.5
      Fidelity Sel. Brokerage      62.1       Midas                          -57.8
      FBR Small Cap Financial      57.2       Morgan Stan. Instl. Gold A     -57.2
      American Heritage            55.7       DFA Japanese Small Co.         -56.7
      Evergreen U.S. Real Est. Y   55.3       U.S. Global Investors Gold     -56.4
      
      EQUITY FUND CATEGORIES
      Leaders                                 Laggards
      Four-week total return        %         Four-week total return           %
      
      Precious Metals               5.5       Pacific/Asia ex-Japan          -12.1
      Utilities                     3.1       Diversified Pacific/Asia        -9.0
      Communications                2.1       Natural Resources               -6.9
      Real Estate                   1.4       Japan                           -6.2
      Europe                        1.0       Technology                      -3.3
      
      Leaders                                 Laggards
      52-week total return           %        52-week total return             %
      
      Financial                    45.2       Precious Metals                -42.0
      Communications               27.0       Pacific/Asia ex-Japan          -38.1
      Large-cap Blend              26.5       Diversified Pacific/Asia       -29.1
      Small-cap Value              26.4       Japan                          -20.4
      Mid-cap Value                25.9       Diversified Emerging Markets    -7.7
      
      All data are as of market close Wednesday, Jan. 7, 1998, 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 Jan. 6. 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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