Investment Figures Of The Week

COMMENTARY

An upbeat week in the U.S. equity markets. The Dow Jones industrial average broke above the 8500 mark on Feb. 27 and climbed to a record high of 8585 on Mar. 3. Expectations of buoyant consumer spending drove share prices, with retailers, builders, and entertainment companies particularly vibrant. But the strong economy sent bond prices falling, with yields climbing to 12-week highs. Bond traders were troubled by new-home sales figures that showed a stronger-than-expected gain.

Investment Figures of the Week
Investment Figures of the Week
                                                  % change
      U.S. MARKETS                        Latest      Week      Year
      Dow Jones Industrials               8539.2      1.0       22.9
      NASDAQ Combined Composite           1759.7     -0.4       32.4
      S&P MidCap 400                       353.9      1.1       33.4
      S&P SmallCap 600                     193.9      0.6       32.6
      S&P SuperComposite 1500              224.9      0.5       30.9
                                                       % change
      SECTORS                              Latest    Week      Year
      Bloomberg Information Age            323.8     -2.2       32.8
      S&P Financials                       125.5      0.0       33.6
      S&P Utilities                        233.2      0.4       18.1
      PSE Technology                       333.1     -1.2       26.8
                                                        % change
      FOREIGN MARKETS                     Latest     Week       Year
      London (FT-SE 100)                  5733.1     -0.2       31.5
      Frankfurt (DAX)                     4709.6      1.6       40.0
      Tokyo (NIKKEI 225)                17,095.6      4.5       -6.4
      Hong Kong (Hang Seng)             11,350.8      4.3      -15.4
      Toronto (TSE 300)                   7142.8      2.0       15.1
      Mexico City (IPC)                   4804.1      1.3       27.7
                                                    Week       Year
      FUNDAMENTALS                         Latest    ago        ago
      S&P 500 Dividend Yield                1.45%    1.48%      1.85%
      S&P 500 P/E Ratio (Last 12 mos.)      26.4     25.2       21.0
      S&P 500 P/E Ratio (Next 12 mos.)*     20.5     20.1       16.6
      First Call Earnings Revision*        -2.49%   -2.77%     -1.69%
                                                                Week
      TECHNICAL INDICATORS                 Latest    ago       Reading
      S&P 500 200-day average              940.2    934.9      Positive
      Stocks above 200-day average          68.0%    65.0%     Neutral
      Options: Put/call ratio               0.50     0.54      Negative
      Insiders: Vickers Sell/buy ratio      1.61     1.56      Positive
      
                                        Latest    Week     Year
      KEY RATES                          week%    ago%     ago%
      MONEY MARKET FUNDS                 5.13     5.14     4.96
      90-DAY TREASURY BILLS              5.14     5.31     5.21
      6-MONTH BANK CDS                   5.06     5.03     5.00
      1-YEAR TREASURY BILLS              5.41     5.43     5.71
      10-YEAR TREASURY NOTES             5.72     5.63     6.60
      30-YEAR TREASURY BONDS             6.02     5.93     6.85
      LONG-TERM AA INDUSTRIALS           6.65     6.54     7.30
      LONG-TERM BBB INDUSTRIALS          7.08     6.95     7.64
      LONG-TERM AA TELEPHONES            6.95     6.83     7.52
      
      BEST-PERFORMING            Last                                Last 12
      GROUPS                     month%                              months%
      HMOs                        22.7    Manufactured Housing         83.3
      Manufactured Housing        18.2    Broadcasting                 81.6
      Apparel Manufacturing       17.5    Specialty Appar. Retailers   79.4
      Engineering & Constr.       15.1    Airlines                     75.7
      Automobiles                 14.6    Homebuilding                 75.2
      
      WORST-PERFORMING           Last                                 Last 12
      GROUPS                     month%                               months%
      Transportation Services     -4.2    Metals                      -38.3
      Semiconductors              -2.9    Shoes                       -35.6
      Aluminum                    -2.4    Gold Mining                 -35.5
      Pollution Control           -1.6    Engineering & Constr.       -22.2
      Leisure Time                -0.7    Photography/Imaging         -22.1
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead?  Stocks with most                  1-month
      significant buying on price weakness    Price     change
      AT&T                                   62 1/16      -1 15/16
      Micron Technology                      33 5/8       -4 3/8
      Sun Microsystems                       45 5/16      -3 11/16
      Warner-Lambert                        151 7/8       -4 5/16
      Teleport Communications Group          55 1/8       -1 7/8
      Gateway 2000                           40 1/4       - 5/8
      Decline ahead?  Stocks with most                     1-month
      significant selling on price strength   Price        change
      Microsoft                              84 1/2        6 3/32
      Dell Computer                         131 1/8       23 1/2
      WorldCom                               38 15/16      2 3/8
      Pfizer                                 87            5 5/8
      PeopleSoft                             43 3/4        3 15/16
      Network Associates                     63 3/4        5 5/8
      
      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            4.43%       4.35%     5.02%       4.94%
      PERCENT OF TREASURIES         77.05       77.52     83.10       83.48
      TAXABLE EQUIVALENT             6.42        6.30      7.28        7.16
      INSURED REVENUE BONDS          4.59        4.47      5.24        5.15
      PERCENT OF TREASURIES         79.83       79.66     86.74       87.05
      TAXABLE EQUIVALENT             6.65        6.48      7.59        7.46
      EQUITY FUNDS
      Leaders                              Laggards
      Four-week total return          %    Four-week total return        %
      Montgomery Gl. Commun. R      17.1   American Heritage           -10.6
      Fidelity Sel. Energy Serv.    14.0   Oppenheimer Real Asset B     -7.3
      DFA Pacific Rim Small Co.     13.7   American Heritage Growth     -6.7
      Lex. Crosby Sm. Cap Asia      13.1   Comstock Part. Cap. Val. B   -6.0
      U.S. Global Inv. China Reg.   13.0   U.S. Global Investors Gold   -5.4
      Leaders                              Laggards
      52-week total return             %   52-week total return           %
      Munder Micro-Cap Equity Y     68.4   Midas                       -61.8
      Delaware Aggressive Gr. A     66.1   U.S. Global Investors Gold  -61.2
      Fidelity Sel. Energy Serv.    63.6   Bull & Bear Gold Investors  -59.2
      Fidelity Select Air Trans.    61.8   Invesco Strategic Gold      -58.4
      Texas Capital Val. & Grth.    59.9   Gabelli Gold                -51.8
      EQUITY FUND CATEGORIES
      Leaders                              Laggards
      Four-week total return           %   Four-week total return         %
      Europe                         7.3   Real Estate                  -1.1
      Unaligned                      6.7   Japan                        -0.2
      Communications                 6.5   Precious Metals               0.0
      Small-cap Blend                6.2   Diversified Pacific/Asia      1.9
      Mid-cap Growth                 5.8   International Hybrid          2.1
      Leaders                              Laggards
      52-week total return             %   52-week total return           %
      Financial                     40.0   Precious Metals             -43.8
      Communications                39.8   Pacific/Asia ex-Japan       -34.2
      Unaligned                     34.2   Diversified Pacific/Asia    -22.7
      Large-cap Growth              33.0   Diversified Emerging Mkts.  -11.6
      Small-cap Blend               32.5   Japan                        -5.8
      All data are as of market close Wednesday, Mar. 4, 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 Mar. 3. For a more detailed explanation, write to us or E-mail
      figures@businessweek.com.  NA=Not available  **Vanguard Index 500 Fund
Before it's here, it's on the Bloomberg Terminal.
LEARN MORE