Investment Figures Of The Week

STOCKS

COMMENTARY

Another wild week in the markets. The dollar took center stage, plummeting

against the yen on news of Japan's efforts to fix its banking system. Bond

prices also plunged, with the yield on the 30-year Treasury rising from 4.7%

to 5.1% and closing the week at 5.03%. Tech stocks went on a tear as

better-than-expected earnings from Intel helped assuage fears of slower

corporate profit growth. The NASDAQ Composite gained 5.4% for the week. The

Dow Jones industrial average revisited 8000 on Oct. 12 before closing at

7968.8 on Oct. 14.

Investment Figures of the Week
Investment Figures of the Week
      
                                                                     % change
      U.S. MARKETS                                      Latest    Week      Year
      Dow Jones Industrials                             7968.8    2.9       -1.1
      NASDAQ Combined Composite                         1541.0    5.4      -10.6
      S&P MidCap 400                                     293.2    2.8      -13.5
      S&P SmallCap 600                                   135.2    1.1      -29.4
      S&P SuperComposite 1500                            210.7    3.5        0.9
      
                                                                     % change
      SECTORS                                           Latest    Week      Year
      Bloomberg Information Age                         338.6      4.4       11.4
      S&P Financials                                    105.1      9.1       -8.8
      S&P Utilities                                     259.1     -2.8       25.2
      PSE Technology                                    304.5      7.2      -11.3
      
                                                                     % change
      FOREIGN MARKETS                                   Latest    Week     Year
      London (FT-SE 100)                                5038.4    4.3      -4.3
      Frankfurt (DAX)                                   4318.5    5.6       3.0
      Tokyo (NIKKEI 225)                              13,070.7   -5.5     -24.6
      Hong Kong (Hang Seng)                             8840.0   14.1     -34.0
      Toronto (TSE 300)                                 5595.7    2.4     -21.5
      Mexico City (IPC)                                 3595.4    6.5     -32.7
      
                                                                  Week      Year
      FUNDAMENTALS                                      Latest    ago        ago
      S&P 500 Dividend Yield                            1.60%     1.61%     1.56%
      S&P 500 P/E Ratio (Last 12 mos.)                  24.0      23.7      24.5
      S&P 500 P/E Ratio (Next 12 mos.)*                 19.3      19.0      19.2
      First Call Earnings Surprise*                     5.04%     9.05%     3.41%
      
                                                                  Week
      TECHNICAL INDICATORS                              Latest    ago      Reading
      S&P 500 200-day average                           1067.6    1066.6   Negative
      Stocks above 200-day average                      17.0%     19.0%    Positive
      Options: Put/call ratio                           0.80      0.80     Positive
      
      BEST-PERFORMING           Last                                         Last 12
      GROUPS                    month%                                       months%
      Household Products         13.5          Drug Chains                    55.5
      Steel                      12.4          Specialty Appar. Retailers     45.8
      Tobacco                    11.2          Genl. Merchandise Chains       44.7
      Forest Products            10.1          Long-Dist. Telecomms.          38.4
      Regional Telephone Cos.     8.8          Regional Telephone Cos.        36.3
      
      WORST-PERFORMING          Last                                         Last 12
      GROUPS                    month%                                       months%
      Metal & Glass Containers  -23.1          Oil & Gas Drilling            -66.8
      Homebuilding              -21.5          Leisure Time                  -52.2
      Oil & Gas Drilling        -18.4          Metals                        -48.4
      Manufactured Housing      -16.4          Oil-Well Equip. & Svcs.       -46.7
      Pollution Control         -16.1          Machine Tools                -43.1
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead?  Stocks with most                              1-month
      significant buying on price weakness              Price       change
      Citicorp                                          79 13/16    -21 3/16
      IBM                                              128 3/16     -15/16
      Intel                                             83 9/16      -2 1/4
      Merck                                            130 3/4       -1 1/4
      America Online                                    92 1/4       -5 3/4
      Pfizer                                            87 1/2      -15 3/4
      
      Decline ahead?  Stocks with most                              1-month
      significant selling on price strength             Price       change
      Tellabs                                           39 3/16     1 1/2
      Qwest Communications Intl.                        30          1 3/16
      Starbucks                                         34 7/8      2 15/16
      CMG Information Services                          41 1/2        1/4
      Adobe Systems                                     33 5/8      5 1/8
      Goodyear Tire & Rubber                            49            1/4
      
      INTEREST RATES
      
                                                        Latest    Week      Year
      KEY RATES                                         week%     ago%      ago%
      MONEY MARKET FUNDS                                4.97      5.02      5.14
      90-DAY TREASURY BILLS                             3.99      4.15      5.06
      6-MONTH BANK CDS                                  4.64      4.72      5.18
      1-YEAR TREASURY BILLS                             4.17      4.23      5.52
      10-YEAR TREASURY NOTES                            4.61      4.34      6.10
      30-YEAR TREASURY BONDS                            5.03      4.83      6.39
      LONG-TERM AA INDUSTRIALS                          6.27      5.92      6.86
      LONG-TERM BBB INDUSTRIALS                         6.94      6.77      7.23
      LONG-TERM AA TELEPHONES                           6.75      6.38      7.19
      
      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             4.02%     3.95%     4.71%     4.63%
      PERCENT OF TREASURIES          87.26     89.99     93.64     95.28
      TAXABLE EQUIVALENT              5.83      5.72      6.83      6.71
      INSURED REVENUE BONDS           4.17      4.08      4.94      4.83
      PERCENT OF TREASURIES          90.52     92.95     98.22     99.39
      TAXABLE EQUIVALENT              8.04      5.91      7.16      7.00
      
      MUTUAL FUNDS
      
      EQUITY FUNDS
      
      Leaders                                 Laggards
      Four-week total return        %         Four-week total return        %
      Newport Tiger B             22.5        American Heritage           -24.1
      Newport Tiger Cub A         22.3        Oberweis Mid-Cap            -20.5
      Newport Greater China A     20.8        ProFunds UltraOTC Investor  -19.8
      Montgomery Emerg. Asia R    19.7        Federated Aggress. Grth. B  -19.5
      Matthews Korea I            19.2        Texas Capital Val. & Grth.  -19.5
      
      Leaders                                 Laggards
      52-week total return          %         52-week total return          %
      Smith Barney Telecomm. Inc. 41.7        Lexington Troika Russia     -89.1
      Berger Balanced             35.9        Frontier Equity             -72.4
      Icon Telecomms. & Utilities 31.1        Dreyfus Aggressive Growth   -64.9
      Galaxy II Util. Idx. Retail 28.7        Vontobel Eastern Europ. Eq. -64.2
      Principal Utilities A       28.5        American Heritage           -63.7
      
      EQUITY FUND CATEGORIES
      
      Leaders                                 Laggards
      Four-week total return        %         Four-week total return        %
      Precious Metals             12.1        Small-cap Growth            -13.0
      Pacific/Asia ex-Japan       11.2        Small-cap Blend             -11.7
      Diversified Pacific/Asia     3.3        Mid-cap Growth              -10.8
      Latin America                1.4        Small-cap Value             -10.1
      Utilities                    1.0        Technology                  -10.1
      
      Leaders                                 Laggards
      52-week total return          %         52-week total return          %
      Utilities                   14.4        Latin America               -51.3
      Domestic Hybrid             -1.4        Diversified Emerging Mkts.  -48.1
      Large-cap Blend             -2.7        Pacific/Asia ex-Japan       -43.7
      Large-cap Growth            -3.3        Natural Resources           -36.4
      International Hybrid        -4.1        Diversified Pacific/Asia    -36.1
      
      All data are as of market close Wednesday, Oct. 14, 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 Oct. 13. 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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