Investment Figures Of The Week

COMMENTARY

Stocks wilted in the steamy summer heat. The Dow Jones industrials and the

Standard & Poor's 500 hit highs on July 17, but fear of falling profits

prompted investors to sell. Federal Reserve Chairman Alan Greenspan didn't

help, either. While his remarks before Congress didn't suggest he would soon

raise interest rates, his comments led people to conclude that lower rates

were not in the cards, either. Overseas, the battered Hong Kong stock market

continued to slide, losing 0.4% for the week. It's down 46.4% over the last

year.

STOCKS

Investment Figures of the Week
Investment Figures of the Week
      
                                                                     % change
      U.S. MARKETS                                      Latest    Week      Year
      Dow Jones Industrials                             9128.9    -1.1      12.9
      NASDAQ Combined Composite                         1969.8    -1.2      25.6
      S&P MidCap 400                                     364.9    -1.9      18.8
      S&P SmallCap 600                                   188.2    -3.1      11.9
      S&P SuperComposite 1500                            246.9    -1.1      23.3
      
                                                                    % change
      SECTORS                                           Latest    Week     Year
      Bloomberg Information Age                         372.3    -0.3      25.8
      S&P Financials                                    141.9    -2.6      34.0
      S&P Utilities                                     241.7    -0.6      22.3
      PSE Technology                                    359.4    -1.4      10.7
      
                                                                     % change
      FOREIGN MARKETS                                  Latest     Week      Year
      London (FT-SE 100)                                5989.6    -2.6      22.9
      Frankfurt (DAX)                                   6110.7     0.0      38.7
      Tokyo (NIKKEI 225)                              16,293.1    -1.9     -19.1
      Hong Kong (Hang Seng)                             8420.7    -0.4     -46.5
      Toronto (TSE 300)                                 7349.9    -0.5       8.6
      Mexico City (IPC)                                 4564.8    -0.6      -3.7
      
                                                                  Week      Year
      FUNDAMENTALS                                      Latest    ago        ago
      S&P 500 Dividend Yield                            1.34%     1.32%     1.60%
      S&P 500 P/E Ratio (Last 12 mos.)                  27.8      27.8      23.4
      S&P 500 P/E Ratio (Next 12 mos.)*                 22.4      22.7      19.0
      First Call Earnings Surprise*                     2.32%     2.40%     2.55%
      
                                                                  Week
      TECHNICAL INDICATORS                              Latest    ago       Reading
      S&P 500 200-day average                          1038.1     1033.6    Positive
      Stocks above 200-day average                      48.0%      50.0%    Neutral
      Options: Put/call ratio                           0.46       0.45     Negative
      Insiders: Vickers Sell/buy ratio                  1.50       1.65     Positive
      
      BEST-PERFORMING             Last                                     Last 12
      GROUPS                      month%                                   months%
      Communications Equip.        21.9     Specialty Appar. Retailers      98.3
      Photography/Imaging          20.6     Broadcasting                    97.1
      Pollution Control            16.5     Homebuilding                    75.4
      Invest. Banking/Brkrge.      16.0     Automobiles                     75.0
      Broadcasting                 15.8     Long-Dist. Telecomm.            69.9
      
      WORST-PERFORMING            Last                                     Last 12
      GROUPS                      month%                                   months%
      Engineering & Constr.       -12.7     Metals                         -43.6
      Oil & Gas Drilling          -12.5     Oil & Gas Drilling             -42.6
      Machine Tools               -11.4     Engineering & Constr.          -33.7
      Furnishings &  Appliances    -8.9     Gold Mining                    -27.0
      Oil Exploration & Prod.      -8.9     Leisure Time                   -25.2
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead?  Stocks with most                         1-month
      significant buying on price weakness        Price        change
      Camco International                         74 15/16     -13/16
      General Re                                  252 7/16     -7 1/16
      Berkshire Hathaway-A                        75,000       -2500
      BellSouth                                   67 11/16     -9/16
      Berkshire Hathaway-B                        2508         -87
      AT&T                                        58 9/16      -4 1/2
      
      Decline ahead?  Stocks with most                          1-month
      significant selling on price strength       Price         change
      Microsoft                                   112 3/16      17
      WorldCom                                    56 1/8        8 9/16
      Cisco Systems                               98 15/16      14 5/16
      Dell Computer                               110 7/8       23
      Excite                                      48 3/4        9
      Tellabs                                     89            23
      
      Data: Bloomberg Financial Markets; *First Call Corp.
      
      INTEREST RATES
      
                                                        Latest    Week      Year
      KEY RATES                                         week%     ago%      ago%
      MONEY MARKET FUNDS                                5.10      5.10      5.16
      90-DAY TREASURY BILLS                             5.06      5.14      5.20
      6-MONTH BANK CDS                                  5.06      5.04      5.18
      1-YEAR TREASURY BILLS                             5.35      5.35      5.52
      10-YEAR TREASURY NOTES                            5.45      5.48      6.14
      30-YEAR TREASURY BONDS                            5.68      5.70      6.42
      LONG-TERM AA INDUSTRIALS                          6.31      6.32      6.90
      LONG-TERM BBB INDUSTRIALS                         6.76      6.78      7.24
      LONG-TERM AA TELEPHONES                           6.66      6.71      7.13
      
      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%      4.43%     4.98%     4.98%
      PERCENT OF TREASURIES        81.26      80.89     87.67     87.34
      TAXABLE EQUIVALENT           6.42       6.42      7.22      7.22
      INSURED REVENUE BONDS        4.58       4.58      5.18      5.18
      PERCENT OF TREASURIES        84.01      83.63     91.19     90.85
      TAXABLE EQUIVALENT           6.64       6.64      7.51      7.51
      
      MUTUAL FUNDS
      
      EQUITY FUNDS
      Leaders                                 Laggards
      Four-week total return        %         Four-week total return        %
      Matthews Korea I            32.3        Fidelity Sel. Energy Serv.  -15.5
      American Heritage           20.3        Rydex Energy Svcs. Inv.     -14.0
      ProFunds UltraOTC Investor  19.2        Lighthouse Contrarian       -12.7
      Pioneer India A             17.6        Oppenheimer Real Asset B    -11.7
      Montgomery Global Comm. R   15.9        Potomac OTC/Short            -9.6
      
      Leaders                                 Laggards
      52-week total return          %         52-week total return           %
      Transamerica Prem. Sm. Co.   75.3       Lex. Crosby Sm. Cap Asia     -65.3
      Transamerica Prem. Agg. Gr.  66.5       Montgomery Emerg. Asia R     -63.8
      Weitz Hickory                65.3       Guinness Flgt. Asia Sm. Cap  -63.4
      Flag Investors Communs. A    64.7       Morg. Stan. Inst. Asia Eq. A -61.1
      Fidelity Select Brokerage    62.3       Morgan Stan. Asian Grth. C   -60.1
      
      EQUITY FUND CATEGORIES
      Leaders                                 Laggards
      Four-week total return        %         Four-week total return        %
      Communications               9.5        Natural Resources           -4.1
      Japan                        8.3        Small-cap Value              1.3
      Technology                   7.5        Mid-cap Value                1.7
      Foreign                      7.5        Utilities                    2.3
      Latin America                7.4        Large-cap Value              2.3
      
      Leaders                                 Laggards
      52-week total return          %         52-week total return          %
      Communications              43.8        Pacific/Asia ex-Japan      -51.3
      Financial                   34.7        Diversified Pacific/Asia   -38.5
      Europe                      33.6        Precious Metals            -30.7
      Large-cap Growth            30.4        Diversified Emerging Mkts. -27.2
      Utilities                   27.5        Japan                      -23.6
      
      All data are as of market close Wednesday, July 22, 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 July 21. 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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