Investment Figures Of The Week

COMMENTARY

An unsettling week in the financial markets, which continued to reverberate to

the Asian travails. After small gains on Aug. 6 and 7, the U.S. markets

plummeted again on Aug. 11. The Dow Jones industrial average fell 112 points,

or 1.3%, and the S&P 500 sustained a similar drop, as traders continued to

worry about the Asian economic slump. But the biggest decline was sustained by

the NASDAQ Composite, which plunged 2.5%, as high-tech companies fell. A mild

recovery took place on Aug. 12.

STOCKS

Investment Figures of the Week
Investment Figures of the Week
                                               % change
      U.S. MARKETS                Latest     Week    Year
      Dow Jones Industrials       8553.0     0.1     6.6
      NASDAQ Combined Composite   1825.5     2.1     12.1
      S&P MidCap 400              335.1      1.8     6.5
      S&P SmallCap 600            173.2      3.1    -0.6
      S&P SuperComposite 1500     229.6      0.5     13.9
      
                                                  % change
      SECTORS                     Latest     Week    Year
      Bloomberg Information Age   355.2       1.2    16.9
      S&P Financials              126.6      -2.4    17.0
      S&P Utilities               236.2       2.5    18.6
      PSE Technology              344.0       2.7    1.6
      
                                                  % change
      FOREIGN MARKETS             Latest     Week    Year
      London (FT-SE 100)          5462.2     -3.0    10.2
      Frankfurt (DAX)             5402.4     -4.1    27.9
      Tokyo (NIKKEI 225)          15,379.0   -3.8   -20.1
      Hong Kong (Hang Seng)       6859.5     -8.1   -56.7
      Toronto (TSE 300)           6495.4     -3.5   -4.1
      Mexico City (IPC)           3561.5     -12.2  -30.5
      
                                                      Week      Year
      FUNDAMENTALS                          Latest    ago        ago
      S&P 500 Dividend Yield                 1.47%     1.46%     1.62%
      S&P 500 P/E Ratio (Last 12 mos.)       25.6      26.6      23.3
      S&P 500 P/E Ratio (Next 12 mos.)*      20.5      20.5      18.6
      First Call Earnings Revision*         -2.72%    -2.64%    -1.20%
      
                                                       Week
      TECHNICAL INDICATORS                   Latest     ago     Reading
      S&P 500 200-day average                1049.2    1046.1   Positive
      Stocks above 200-day average           26.0%     28.0%    Positive
      Options: Put/call ratio                0.62      0.55     Neutral
      Insiders: Vickers Sell/buy ratio       1.28      1.46     Positive
      
      BEST-PERFORMING           Last                                      Last 12
      GROUPS                    month%                                    months%
      Photography/Imaging       7.2           Specialty Appar. Retailers   88.5
      Semiconductors            7.2           Broadcasting                 75.2
      Tobacco                   4.2           Automobiles                  59.5
      Computer Systems          3.7           Drug Chains                  59.4
      Communications Equip.     2.8           Genl. Merchandise Chains     59.0
      
      WORST-PERFORMING          Last                                Last 12
      GROUPS                    month%                              months%
      HMOs                      -45.7         Metals                -51.5
      Oil & Gas Drilling        -23.2         Oil & Gas Drilling    -51.2
      Shoes                     -21.9         Engineering & Constr. -43.2
      Oil-Well Equip. & Svcs.   -21.3         Gold Mining           -41.8
      Engineering & Constr.     -17.8         Shoes                 -37.5
      
      BLOOMBERG MONEY FLOW ANALYSIS
      
      Rebound ahead?  Stocks with most                         1-month
      significant buying on price weakness        Price        change
      America Online                              107 1/8      -11 3/4
      Citicorp                                    144 3/4      -29 1/2
      Lucent Technologies                         88 7/16      -15/16
      Merrill Lynch                               86 1/2       -21 7/16
      R.P. Scherer                                90 5/8       -1 1/8
      Pfizer                                      103 15/16    -14 3/4
      
      Decline ahead?  Stocks with most                          1-month
      significant selling on price strength       Price         change
      Cisco Systems                               98            3 3/4
      Dell Computer                               106 1/4       1/16
      Compaq Computer                             33 7/8        1 1/4
      Applied Materials                           32 7/8        4 5/16
      American Home Products                      50 3/8        1 1/8
      Johnson & Johnson                           74            2 3/16
      
      INTEREST RATES
      
                                       Latest    Week      Year
      KEY RATES                        week%     ago%      ago%
      MONEY MARKET FUNDS               5.10      5.11      5.16
      90-DAY TREASURY BILLS            4.99      5.07      5.23
      6-MONTH BANK CDS                 5.07      5.06      5.17
      1-YEAR TREASURY BILLS            5.19      5.28      5.51
      10-YEAR TREASURY NOTES           5.38      5.44      6.24
      30-YEAR TREASURY BONDS           5.61      5.66      6.54
      LONG-TERM AA INDUSTRIALS         6.30      6.34      7.05
      LONG-TERM BBB INDUSTRIALS        6.82      6.83      7.41
      LONG-TERM AA TELEPHONES          6.60      6.65      7.33
      
      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           4.39%     4.41%     4.93%     4.95%
      PERCENT OF TREASURIES         81.44     81.15     87.84     87.38
      TAXABLE EQUIVALENT            6.36      6.39      7.14      7.17
      INSURED REVENUE BONDS         4.54      4.57      5.15      5.18
      PERCENT OF TREASURIES         84.22     84.10     91.76     91.44
      TAXABLE EQUIVALENT            6.58      6.62      7.46      7.51
      
      MUTUAL FUNDS
      
      EQUITY FUNDS
      Leaders                                 Laggards
      Four-week total return         %        Four-week total return         %
      ProFunds UltraBear Investor   21.2      Lexington Troika Russia      -28.5
      Potomac U.S./Short            11.2      Fidelity Sel. Energy Serv.   -26.0
      Rydex Ursa                    10.6      Rydex Energy Svcs. Inv.      -25.6
      Comstock Part. Cap. Val. R    7.7       Guinness Mainland China      -24.8
      Prudent Bear                  7.5       Wright EquiFd.-Mexico        -23.2
      
      Leaders                                 Laggards
      52-week total return           %        52-week total return           %
      Transamerica Prem. Sm. Co.    53.1      Lexington Troika Russia      -76.3
      Weitz Hickory                 53.0      Montgomery Emerg. Asia R     -71.7
      Transamerica Prem. Agg. Gr.   46.8      Lex. Crosby Sm. Cap Asia     -71.2
      Flag Investors Communs. A     41.6      Guinness Flgt. Asia Sm. Cap  -69.9
      Scudder Greater Europe Gr.    39.5      Matthews Korea I             -69.0
      
      EQUITY FUND CATEGORIES
      Leaders                                 Laggards
      Four-week total return         %        Four-week total return         %
      International Hybrid         -4.9       Latin America                -18.9
      Domestic Hybrid              -5.5       Diversified Emerging Mkts.   -14.9
      Utilities                    -5.7       Natural Resources            -14.5
      Japan                        -5.8       Precious Metals              -13.9
      Technology                   -7.2       Financial                    -13.4
      
      Leaders                                 Laggards
      52-week total return           %        52-week total return           %
      Communications                24.4      Pacific/Asia ex-Japan        -59.0
      Europe                        18.9      Diversified Pacific/Asia     -45.0
      Utilities                     18.0      Precious Metals              -43.3
      Large-cap Growth              16.1      Diversified Emerging Mkts.   -41.4
      Financial                     16.0      Latin America                -36.3
      
      All data are as of market close Wednesday, Aug. 12, 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 Aug. 11. 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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