Investment Figures Of The Week

COMMENTARY

Stocks lost ground, the result of rising fears of falling profits, the

possibility of military strikes against Iraq, and, of course, the heightening

prospects of the impeachment of President Clinton. The Dow industrials dropped

2.4%, and the S&P 500 gave up 1.8%. World markets were hit hard, too: Japan

fell

5.6%, Hong Kong 4.1%, and Brazil 12.6%. Internet stocks, however, continued to

defy gravity. On Dec. 16, Amazon.com gained 46 points, to close at 289. The

reason was one analyst's prediction that the online bookseller's stock will

reach 400.

STOCKS

Investment Figures of the Week
Investment Figures of the Week
      
                                                           % change
      U.S. MARKETS                          Latest      Week      Year
      Dow Jones Industrials                 8790.6      -2.4      10.5
      NASDAQ Combined Composite             2009.4      -2.0      29.9
      S&P MidCap 400                        348.0       -3.1      7.2
      S&P SmallCap 600                      161.4       -3.7      -8.6
      S&P SuperComposite 1500               244.2       -2.0      17.9
      
                                                           % change
      SECTORS                               Latest      Week      Year
      Bloomberg Information Age             435.0       -2.1      50.6
      S&P Financials                        123.0       -2.5      3.3
      S&P Utilities                         255.9       0.0       13.3
      PSE Technology                        407.0       -3.7      43.6
      
                                                           % change
      FOREIGN MARKETS                       Latest      Week      Year
      London (FT-SE 100)                    5630.4      -0.7      8.5
      Frankfurt (DAX)                       4663.5      0.0       12.1
      Tokyo (NIKKEI 225)                    14,096.3    -5.6      -14.8
      Hong Kong (Hang Seng)                 9939.4      -4.1      -7.0
      Toronto (TSE 300)                     6283.8      -1.9      -5.2
      Mexico City (IPC)                     3741.3      -1.7      -26.8
      
                                                        Week      Year
      FUNDAMENTALS                          Latest      ago        ago
      S&P 500 Dividend Yield                1.33%       1.31%     1.58%
      S&P 500 P/E Ratio (Last 12 mos.)      30.1        30.6      24.3
      S&P 500 P/E Ratio (Next 12 mos.)*     22.7        23.0      19.2
      First Call Earnings Revision*         -3.13%      -1.81%    -2.00%
      
                                                        Week
      TECHNICAL INDICATORS                  Latest      ago        Reading
      S&P 500 200-day average               1097.0      1094.2     Positive
      Stocks above 200-day average          31.0%       35.0%      Positive
      Options: Put/call ratio               0.49        0.45r      Negative
      Insiders: Vickers Sell/buy ratio      0.80        0.71       Positive
      
      BEST-PERFORMING             Last                                     Last 12
      GROUPS                     month%                                    months%
      Transportation Services     23.1        Communications Equip.         99.2
      Communications Equip.       14.9        Drug Chains                   72.8
      Long-Dist. Telecomms.       14.5        Genl. Merchandise Chains      66.0
      Computer Software           13.8        Computer Systems              65.6
      Instrumentation             12.0        Specialty Appar. Retailers    64.2
      
      WORST-PERFORMING            Last                                      Last 12
      GROUPS                      month%                                    months%
      Toys                        -28.8       Oil & Gas Drilling            -56.9
      Savings & Loans             -13.8       Oil-Well Equip. & Svcs.       -37.7
      Metal & Glass Containers    -13.3       Toys                          -33.8
      Housewares                  -13.2       Leisure Time                  -30.7
      Metals                      -12.5       Metal & Glass Containers      -29.9
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead?  Stocks with most                      1-month
      significant buying on price weakness    Price         change
      Merck                                   145 7/8       -1 7/16
      Telebras-ADR                            78 3/8        -6 1/8
      Motorola                                55 15/16      -2 1/16
      Clorox                                  113 15/16     -5/16
      Amoco                                   56 1/8        -3 11/16
      J.P. Morgan                             98 13/16      -4 11/16
      Cisco Systems                           83 3/4        16 13/16
      Dell Computer                           65 9/16        2 3/8
      MCI WorldCom                            63 3/8         8 3/8
      Microsoft                              131 7/8        23 1/16
      Sun Microsystems                        80 1/8        17 5/16
      Schering-Plough                         54 1/4         3 9/32
      
      INTEREST RATES
      
                                       Latest    Week      Year
                                       week %    ago %     ago %
      MONEY MARKET FUNDS               4.76      4.77      5.22
      90-DAY TREASURY BILLS            4.44      4.43      5.24
      6-MONTH BANK CDS                 4.38      4.37      5.21
      1-YEAR TREASURY BILLS            4.42      4.49      5.49
      10-YEAR TREASURY NOTES           4.54      4.60      5.81
      30-YEAR TREASURY BONDS           4.99      5.00      6.00
      LONG-TERM AA INDUSTRIALS         6.04      5.96      6.62
      LONG-TERM BBB INDUSTRIALS        6.86      6.85      6.96
      LONG-TERM AA TELEPHONES          6.35      6.33      6.96
      BLOOMBERG MONEY FLOW ANALYSIS
      
      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           4.10%     4.12%     4.80%     4.80%
      PERCENT OF TREASURIES         90.27     90.16     96.12     95.62
      TAXABLE EQUIVALENT            5.94      5.97      6.96      6.96
      INSURED REVENUE BONDS         4.23      4.23      5.03      5.03
      PERCENT OF TREASURIES         93.13     92.56     100.73    100.21
      TAXABLE EQUIVALENT            6.13      6.13      7.29      7.29
      
      MUTUAL FUNDS
      
      EQUITY FUNDS
      Leaders                                 Laggards
      Four-week total return          %       Four-week total return           %
      Matthews Korea A              32.6      American Heritage             -34.0
      WWW Internet                  15.5      Eaton Vance Wwde. Dv. Res. B  -23.1
      Bridgeway Aggressive Growth   14.0      ProFunds UltraShort OTC Inv.  -21.1
      Potomac OTC Plus              13.7      State St. Res. Glob. Res. B   -20.0
      Robertson Steph. Em. Gr. A    12.8      Montgomery Latin America R    -16.6
      
      Leaders                                 Laggards
      52-week total return            %         52-week total return           %
      PorFunds UltraOTC Inv.       138.7      Lexington Troika Russia       -82.3
      Potomac OTC Plus              85.2      American Heritage             -58.8
      Dreyfus Technology Growth     83.4      Eaton Vance Wwde. Dv. Res. B  -53.5
      Fidelity Select Computers     79.9      Montgomery Latin America R    -51.2
      Munder NetNet A               79.0      State St. Res. Glob. Res. B   -51.2
      
      EQUITY FUND CATEGORIES
      Leaders                                 Laggards
      Four-week total return         %        Four-week total return          %
      Technology                    9.1       Latin America                -10.2
      Communications                6.5       Natural Resources             -8.5
      Large-cap Growth              4.3       Precious Metals               -6.7
      Mid-cap Growth                3.0       Diversified Emerging Mkts.    -3.8
      Japan                         3.0       Mid-cap Value                 -1.9
      
      Leaders                                 Laggards
      52-week total return            %       52-week total return             %
      Technology                    41.2      Latin America                 -37.3
      Communications                34.2      Diversified Emerging Mkts.    -27.4
      Large-cap Growth              26.6      Natural Resources             -25.4
      Utilities                     17.1      Real Estate                   -14.8
      Large-cap Blend               16.5      Pacific/Asia ex-Japan         -12.0
      
      All data are as of market close Wednesday, Dec. 16, 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. 15. For a more detailed explanation, write to us or E-mail 
      figures@businessweek.com.  r=revised  **Vanguard Index 500 Fund