Investment Figures Of The Week

COMMENTARY

The strong performance of the tech-heavy NASDAQ index was the big news in the

markets this week. While the S&P 500 index rose a tepid 1.0% and the Dow

industrials actually fell 0.6%, the NASDAQ surged 2.8% to a record high, with

such stocks as Intel and Microsoft posting huge gains. Since the beginning of

the year, the index has rocketed 30.5%, compared with 22% for the S&P and

13.9% for the Dow. Bonds also showed some nifty gains, as the yield on the

30-year Treasury fell below 5% for the first time since mid-October.

STOCKS

Investment Figures of the Week
Investment Figures of the Week
      
                                                           % change
      U.S. MARKETS                          Latest      Week      Year
      Dow Jones Industrials                 9009.2      -0.6      12.9
      NASDAQ Combined Composite             2050.4       2.8      28.4
      S&P MidCap 400                        359.0        1.7       9.5
      S&P SmallCap 600                      167.6        0.7      -6.4
      S&P SuperComposite 1500               249.1        1.1      19.6
      
                                                           % change
      SECTORS                               Latest      Week      Year
      Bloomberg Information Age             444.5        4.4      50.5
      S&P Financials                        126.2       -1.4       6.2
      S&P Utilities                         256.0        0.6      16.1
      PSE Technology                        422.5        3.2      43.0
      
                                                           % change
      FOREIGN MARKETS                       Latest      Week      Year
      London (FT-SE 100)                    5669.1       2.9      10.5
      Frankfurt (DAX)                       4663.7      -0.6      13.3
      Tokyo (NIKKEI 225)                    14,931.9    -0.4     -9.4
      Hong Kong (Hang Seng)                 10,361.3     3.0     -6.0
      Toronto (TSE 300)                     6406.3       0.4     -5.2
      Mexico City (IPC)                     3805.5      -0.3     -24.6
      
                                                       Week      Year
      FUNDAMENTALS                          Latest     ago       ago
      S&P 500 Dividend Yield                1.31%      1.33%     1.57%
      S&P 500 P/E Ratio (Last 12 mos.)      30.6       30.1      24.6
      S&P 500 P/E Ratio (Next 12 mos.)*     23.0       22.8      19.3
      First Call Earnings Revision*        -1.81%     -4.25%    -1.35%
      
                                                       Week
      TECHNICAL INDICATORS                   Latest    ago      Reading
      S&P 500 200-day average                1094.2    1090.6   Positive
      Stocks above 200-day average           35.0%     35.0%    Positive
      Options: Put/call ratio                0.46      0.43     Negative
      Insiders: Vickers Sell/buy ratio       0.71      0.63     Positive
      
      BEST-PERFORMING               Last                                Last 12
      GROUPS                       month %                              months %
      Transportation Services       28.7    Communications Equip.         85.9
      Semiconductors                23.3    Genl. Merchandise Chains      67.7
      Instrumentation               16.1    Specialty Appar. Retailers    65.4
      Communications Equip.         15.7    Drug Chains                   60.5
      Specialty Retailers           15.6    Computer Systems              60.2
      
      WORST-PERFORMING            Last                                  Last 12
      GROUPS                      month %                               months %
      Oil & Gas Drilling          -25.7     Oil & Gas Drilling           -64.2
      Oil-Well Equip. & Svcs.     -18.9     Oil-Well Equip. & Svcs.      -45.9
      Toys                        -18.0     Leisure Time                 -34.7
      Gold Mining                 -17.3     Metals                       -34.2
      Oil Exploration & Prod.     -16.9     Oil Exploration & Prod.      -33.5
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead?  Stocks with most                       1-month
      significant buying on price weakness     Price         change
      
      Telebras-ADR                             85 3/16       -1 1/16
      Amoco                                    56 7/16       -1 5/16
      Gateway 2000                             52 5/16       -6 11/16
      Coca-Cola                                68 5/8        -2 15/16
      Procter & Gamble                         86 3/4        -1 13/16
      McKesson                                 70 1/2        -3
      
      Decline Ahead? Stocks with most                         1-month
      significant selling on price strength     Price         change
      
      Cisco Systems                            79 13/16       12 13/16
      MCI WorldCom                             62 7/8         6 7/8
      Microsoft                                131 3/16       20 1/2
      Sun Microsystems                         76 1/8         14 3/16
      Inktomi                                  122 1/8        6 3/8
      Lycos                                    57 7/8         6 1/4
      
      INTEREST RATES
      
                                       Latest    Week      Year
      KEY RATES                        Week%     ago%      ago%
      MONEY MARKET FUNDS               4.77      4.79      5.20
      90-DAY TREASURY BILLS            4.41      4.48      5.21
      6-MONTH BANK CDS                 4.37      4.40      5.21
      1-YEAR TREASURY BILLS            4.43      4.41      5.51
      10-YEAR TREASURY NOTES           4.57      4.59      5.90
      30-YEAR TREASURY BONDS           4.98      5.03      6.10
      LONG-TERM AA INDUSTRIALS         5.95      5.96      6.63
      LONG-TERM BBB INDUSTRIALS        6.84      6.85      7.03
      LONG-TERM AA TELEPHONES          6.35      6.35      7.02
      
      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              4.12%     4.14%     4.80%      4.80%
      PERCENT OF TREASURIES            90.16     90.24     96.34      95.62
      TAXABLE EQUIVALENT               5.97      6.00      6.96       6.96
      INSURED REVENUE BONDS            4.23      4.26      5.01       5.03
      PERCENT OF TREASURIES            92.56     92.85     100.56     100.21
      TAXABLE EQUIVALENT               6.13      6.17      7.26       7.29
      
      MUTUAL FUNDS
      
      EQUITY FUNDS
      Leaders                                 Laggards
      Four-week total return         %        Four-week total return          %
      Matthews Korea I             31.8       ProFunds UltraShort OTC Inv. -23.7
      ProFunds UltraOTC Service    26.3       Fidelity Sel Energy Serv.    -19.1
      Fidelity Select Electronics  22.1       Oppenheimer Real Asset B     -18.7
      Rydex Electronics Inv.       21.0       Rydex Energy Svcs. Inv.      -18.4
      Fidelity Select Technology   19.2       State St. Res. Glob. Res. B  -17.9
      
      Leaders                                 Laggards
      52-week total return           %        52-week total return            %
      ProFunds UltraOTC Inv.      100.0       Lexington Troika Russia      -82.9
      Munder NetNet A              67.3       Fidelity Sel Energy Serv.    -53.3
      Dreyfus Technology Growth    62.0       Eaton Vance Wwde. Dv. Res. B -51.9
      Flag Investors Communs. A    57.8       American Heritage            -51.6
      Fidelity Select Computers    56.5       State St. Res. Glob. Res. B  -51.1
      
      EQUITY FUND CATEGORIES
      Leaders                                 Laggards
      Four-week total return         %        Four-week total return          %
      Technology                   13.2       Precious Metals               -8.7
      Communications                9.3       Natural Resources             -8.4
      Japan                         8.1       Latin America                 -5.2
      Diversified Pacific/Asia      7.3       Diversified Emerging Mkts.     0.1
      Pacific/Asia ex-Japan         7.1       Small-cap Value                0.5
      
      Leaders                                 Laggards
      52-week total return           %        52-week total return            %
      Communications               30.5       Latin America                -37.1
      Technology                   26.9       Diversified Emerging Mkts.   -29.9
      Large-cap Growth             22.9       Natural Resources            -28.0
      Utilities                    18.7       Pacific/Asia ex-Japan        -19.7
      Large-cap Blend              15.8       Real Estate                  -14.5
      
      All data are as of market close Wednesday, Dec. 9, 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 Dec. 8. 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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