Investment Figures Of The Week

STOCKS

COMMENTARY

An encouraging week in the financial markets. The Dow Jones industrial average

climbed 257 points to 8154.4 on Sept. 23. Investors were buoyed by comments by

Federal Reserve Chairman Alan Greenspan, who seemed to hint that he may push

for lower interest rates. Financial stocks advanced, with Citicorp and J.P.

Morgan among the top gainers. The rally on Sept. 23 followed gains in the

British, Latin American, and German markets. Internet stocks were also

gainers, and the dollar rose.

Investment Figures of the Week
Investment Figures of the Week
      
                                                                    % change
      U.S. MARKETS                                      Latest    Week      Year
      Dow Jones Industrials                             8154.4    0.8        3.1
      NASDAQ Combined Composite                         1760.3    4.2        4.3
      S&P MidCap 400                                     318.7    2.2       -3.3
      S&P SmallCap 600                                   157.1    3.3      -15.5
      S&P SuperComposite 1500                            224.4    2.0       10.0
      
                                                                    % change
      SECTORS                                           Latest    Week      Year
      Bloomberg Information Age                         364.5     3.5       21.2
      S&P Financials                                    116.9     1.0        4.8
      S&P Utilities                                     253.3     1.6       22.9
      PSE Technology                                    334.9     4.3       -1.2
      
                                                                     % change
      FOREIGN MARKETS                                   Latest    Week      Year
      London (FT-SE 100)                                5214.7    -1.5       2.7
      Frankfurt (DAX)                                   4699.4    -3.3      14.6
      Tokyo (NIKKEI 225)                              13,789.8    -2.9     -25.1
      Hong Kong (Hang Seng)                             7504.4    -4.5     -47.2
      Toronto (TSE 300)                                 6015.1     1.8     -14.2
      Mexico City (IPC)                                 3902.2    14.3     -25.1
      
                                                                  Week      Year
      FUNDAMENTALS                                      Latest    ago       ago
      S&P 500 Dividend Yield                            1.54%     1.52%     1.59%
      S&P 500 P/E Ratio (Last 12 mos.)                  24.4      24.7      24.1
      S&P 500 P/E Ratio (Next 12 mos.)*                 19.8      19.9      19.0
      First Call Earnings Revision*                    -5.87%    -5.20%    -1.48%
      
                                                                  Week
      TECHNICAL INDICATORS                              Latest    ago        Reading
      S&P 500 200-day average                           1063.9    1062.0     
      Positive
      Stocks above 200-day average                      20.0%     18.0%      
      Positive
      Options: Put/call ratio                           0.67      0.73       Neutral
      Insiders: Vickers Sell/buy ratio                  0.66      0.80       
      Positive
      
      BEST-PERFORMING               Last                                  Last 12
      GROUPS                        month%                                months%
      HMOs                           23.9         Broadcasting              65.5
      Oil Exploration & Prod.        15.8         Drug Chains               63.1
      Gold Mining                    15.3         Drugs                     51.6
      Tobacco                         8.8         Long-Dist. Telecomms.     50.7
      Alcoholic Beverages             8.4         Food Chains               46.6
      
      WORST-PERFORMING              Last                                  Last 12
      GROUPS                        month%                                months%
      Machine Tools                 -27.1         Oil & Gas Drilling       -55.3
      Metal & Glass Containers      -23.9         Leisure Time             -47.9
      Toys                          -23.6         Metals                   -45.7
      Soft Drinks                   -22.8         Machine Tools            -38.9
      Invest. Banking/Brkge.        -22.5         Transportation Services  -36.2
      
      BLOOMBERG MONEY FLOW ANALYSIS
      
      Rebound ahead?  Stocks with most                            1-month
      significant buying on price weakness              Price     change
      Citicorp                                          95 1/8     -3 5/16
      Intel                                             83 9/16    -1 1/16
      IBM                                               127 3/4    -13/16
      America Online                                    106 1/8    -2 11/16
      BankAmerica                                       60 3/8     -18 11/16
      Telebras-ADR                                      71 7/8     -12 1/8
      
      Decline ahead?  Stocks with most                            1-month
      significant selling on price strength             Price     change
      Dell Computer                                     60 1/16    1/2
      Qwest Communications Intl.                        34 1/4     2 55/64
      Viacom-B                                          65 7/16    6 1/4
      Adobe Systems                                     32 3/16    7 3/4
      Centocor                                          40 3/4     1 5/16
      Bank of New York                                  28 13/16   3/8
      
      Data: Bloomberg Financial Markets; *First Call Corp.
      
      INTEREST RATES
                                                        Latest    Week      Year
      KEY RATES                                         week%     ago%      ago%
      MONEY MARKET FUNDS                                5.06      5.09      5.14
      90-DAY TREASURY BILLS                             4.68      4.74      4.94
      6-MONTH BANK CDS                                  4.86      4.97      5.17
      1-YEAR TREASURY BILLS                             4.59      4.78      5.46
      10-YEAR TREASURY NOTES                            4.67      4.88      6.04
      30-YEAR TREASURY BONDS                            5.17      5.23      6.32
      LONG-TERM AA INDUSTRIALS                          6.17      6.24      6.77
      LONG-TERM BBB INDUSTRIALS                         7.04      6.84      7.16
      LONG-TERM AA TELEPHONES                           6.60      6.70      7.10
      
      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              4.16%     4.22%     4.83%     4.88%
      PERCENT OF TREASURIES           89.16     86.64     93.45     93.41
      TAXABLE EQUIVALENT               6.03      6.12      7.00      7.07
      INSURED REVENUE BONDS            4.33      4.37      5.03      5.05
      PERCENT OF TREASURIES           92.81     89.72     97.32     96.66
      TAXABLE EQUIVALENT               6.28      6.33      7.29      7.32
      
      Data: Bloomberg Financial Markets
      
      MUTUAL FUNDS
      
      EQUITY FUNDS
      Leaders                                  Laggards
      Four-week total return           %       Four-week total return           %
      Guinness Flgt. Mainld. Ch.     17.8      Vontobel Eastern Europ. Eq.   -31.9
      Fidelity Select Gold           13.0      American Heritage             -30.6
      Prudent Bear                   12.2      Lexington Troika Russia       -28.2
      Fidelity Sel. Prec. Mets.      11.9      Fidelity Select Brokerage     -23.7
      Am. Cent. Global Gold          11.9      Montgomery Latin Amer. R      -23.0
      
      Leaders                                  Laggards
      52-week total return             %       52-week total return             %
      Smith Barney Telecomm. Inc.    40.9      Lexington Troika Russia       -88.9
      Fidelity Sel. Health Care      31.6      Matthews Korea I              -67.6
      Janus Twenty                   31.1      Guinness Flgt. Asia Sm. Cap   -64.9
      Flag Investors Communs. A      31.0      Vontobel Eastern Europ. Eq.   -64.5
      Caldwell & Orkin Mkt. Opp.     30.9      Frontier Equity               -63.4
      
      EQUITY FUND CATEGORIES
      Leaders                                  Laggards
      Four-week total return           %       Four-week total return           %
      Precious Metals                 8.5      Europe                        -12.2
      Natural Resources               0.9      Latin America                 -11.3
      Health                          0.1      Foreign                       -10.0
      Pacific/Asia ex-Japan          -0.4      Diversified Emerging Mkts.     -9.2
      Utilities                      -1.1      World                          -8.9
      
      Leaders                                  Laggards
      52-week total return             %       52-week total return             %
      Utilities                      15.8      Pacific/Asia ex-Japan         -50.6
      Communications                 11.1      Latin America                 -50.6
      Large-cap Growth                6.7      Diversified Emerging Mkts.    -46.6
      Health                          3.8      Diversified Pacific/Asia      -41.1
      Large-cap Blend                 3.7      Precious Metals               -36.1
      
      Data: Morningstar, Inc.
      
      All data are as of market close Wednesday, Sept. 23, 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. 22. 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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