Investment Figures Of The Week

COMMENTARY

Bears rule. No one escaped the stock market mauling. In a rout triggered by

the Russian financial and economic crisis, the Dow Jones industrials lost

nearly 1000 points between Aug. 26 and Aug. 31, dropping to 7539. The Dow

bounced back to 7827 on Sept. 1, but after two failed attempts to pierce the

7950 barrier on Sept. 2, stocks plunged to close at 7782. For the week, the

Dow shed 8.7% and wiped out 1998's gain. The S&P 500, still in the black for

the year, lost 8.6%. One bright spot: Investors bought Treasury bonds and

bills, pushing interest rates down.

STOCKS

Investment Figures of the Week
Investment Figures of the Week
                                               % change
      U.S. MARKETS                Latest     Week    Year
      Dow Jones Industrials       7782.4     -8.7     -1.4
      NASDAQ Combined Composite   1592.9     -9.9     -1.6
      S&P MidCap 400               293.9     -7.8     -8.1
      S&P SmallCap 600             148.4     -7.6    -16.9
      S&P SuperComposite 1500      208.4     -8.6      4.2
      
                                                % change
      SECTORS                     Latest     Week    Year
      Bloomberg Information Age   326.2       -9.0   10.8
      S&P Financials              109.7       -9.8    2.6
      S&P Utilities               232.3       -3.3   15.2
      PSE Technology              300.3      -10.5   -9.6
      
                                                  % change
      FOREIGN MARKETS             Latest     Week    Year
      London (FT-SE 100)            5235.8   -5.6      5.2
      Frankfurt (DAX)               4970.5   -5.0     21.1
      Tokyo (NIKKEI 225)          14,376.6   -3.3    -23.3
      Hong Kong (Hang Seng)         7355.7   -6.1    -50.0
      Toronto (TSE 300)             5682.5   -7.9    -15.2
      Mexico City (IPC)             3178.6   -2.3    -35.0
      
                                                      Week      Year
      FUNDAMENTALS                          Latest    ago        ago
      S&P 500 Dividend Yield                1.58%     1.44%     1.63%
      S&P 500 P/E Ratio (Last 12 mos.)      22.8      26.4      23.5
      S&P 500 P/E Ratio (Next 12 mos.)*     24.4      24.4      18.5
      First Call Earnings Revision*        -3.78%    -3.26%    -0.87%
      
                                                       Week
      TECHNICAL INDICATORS                   Latest     ago     Reading
      S&P 500 200-day average                1059.9    1057.3   Negative
      Stocks above 200-day average           15.0%     26.0%    Positive
      Options: Put/call ratio                0.81      0.66     Positive
      Insiders: Vickers Sell/buy ratio       1.03      1.09     Positive
      
      BEST-PERFORMING           Last                                      Last 12
      GROUPS                    month%                                    months%
      Food Chains                6.2         Broadcasting                  62.3
      Electric Companies         3.8         Drug Chains                   50.6
      Drug Chains               -2.5         Long-Dist. Telecomms.         45.3
      Tobacco                   -3.1         Drugs                         44.8
      Specialty Chemicals       -3.7         Communications Equip.         41.4
      
      WORST-PERFORMING          Last                                      Last 12
      GROUPS                    month%                                    months%
      HMOs                      -37.7        Metals                        -56.2
      Invest. Banking/Brkrge.   -29.5        Oil & Gas Drilling            -56.1
      Shoes                     -28.5        Gold Mining                   -47.7
      Money Center Banks        -26.7        Oil Exploration & Prod.       -45.6
      Metal & Glass Containers  -25.2        Shoes                         -45.6
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead?  Stocks with most                         1-month
      significant buying on price weakness        Price        change
      Intel                                       76           -8 13/16
      Citicorp                                    106 5/8      -57
      America Online                              85           -31
      IBM                                         117 15/16    -14 13/16
      General Electric                            82 11/16     -6 13/16
      BankAmerica                                 64 1/2       -24 3/16
      
      Decline ahead?  Stocks with most                          1-month
      significant selling on price strength       Price         change
      Home Depot                                  41 1/4        5/16
      Conagra                                     26 3/8        3/8
      Phillips Petroleum                          43 11/16      3/4
      Albertson's                                 50 3/8        1 7/8
      Adaptec                                     11 1/2        1/2
      GPU                                         37 1/8        3/4
      
      INTEREST RATES
      
                                       Latest    Week      Year
      KEY RATES                        week%     ago%      ago%
      MONEY MARKET FUNDS               5.11      5.10      5.16
      90-DAY TREASURY BILLS            4.88      5.06      5.14
      6-MONTH BANK CDS                 5.05      5.06      5.17
      1-YEAR TREASURY BILLS            4.90      5.16      5.57
      10-YEAR TREASURY NOTES           5.07      5.26      6.33
      30-YEAR TREASURY BONDS           5.33      5.44      6.60
      LONG-TERM AA INDUSTRIALS         6.28      6.21      7.10
      LONG-TERM BBB INDUSTRIALS        6.88      6.69      7.47
      LONG-TERM AA TELEPHONES          6.65      6.55      7.36
      
      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            4.24%     4.27%     4.88%     4.86%
      PERCENT OF TREASURIES         83.60     82.12     91.42     89.66
      TAXABLE EQUIVALENT             6.14      6.19      7.07      7.04
      INSURED REVENUE BONDS          4.42      4.44      5.05      5.06
      PERCENT OF TREASURIES         87.15     85.39     94.61     93.35
      TAXABLE EQUIVALENT             6.41      6.43      7.32      7.33
      
      MUTUAL FUNDS
      
      EQUITY FUNDS
      Leaders                                 Laggards
      Four-week total return         %        Four-week total return         %
      Prudent Bear                  21.2      Lexington Troika Russia       -60.4
      ProFunds UltraBear Investor   11.9      Vontobel Eastern Europ  Eq.   -41.1
      Comstock Part. Cap. Val. R     9.6      American Heritage             -40.5
      Comstock Part. Strategy O      6.9      Invesco Latin American Gr.    -38.1
      Rydex Ursa                     6.6      Excelsior Latin America       -36.5
      
      Leaders                                 Laggards
      52-week total return           %        52-week total return           %
      Smith Barney Telecomms. Inc.  45.8      Lexington Troika Russia       -87.3
      Weitz Hickory                 39.9      Guinness Flgt. Asia Sm. Cap   -71.4
      Icon Telecomms. & Utilities   35.8      U.S. Global Inv. China Reg.   -69.6
      Caldwell & Orkin Mkt. Opp.    32.6      Montgomery Emerg. Asia R      -69.2
      Flag Investors Communs. A     32.5      Lex. Crosby Sm. Cap Asia      -68.9
      
      EQUITY FUND CATEGORIES
      Leaders                                 Laggards
      Utilities                     -3.5      Latin America                 -30.4
      Japan                         -5.0      Diversified Emerging Mkts.    -25.0
      Domestic Hybrid               -5.2      Precious Metals               -17.8
      International Hybrid          -5.6      Small-cap Growth              -15.5
      Real Estate                   -7.2      Small-cap Blend               -15.1
      
      Leaders                                 Laggards
      52-week total return           %        52-week total return           %
      Utilities                     17.5      Pacific/Asia ex-Japan         -55.0
      Communications                13.9      Precious Metals               -49.5
      Europe                        12.7      Latin America                 -46.5
      Large-cap Growth               8.9      Diversified Emerging Mkts.    -45.9
      Large-cap Blend                6.0      Diversified Pacific/Asia      -41.1
      
      All data are as of market close Wednesday, Sept. 2, 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 Sept. 1. 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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