Investment Figures Of The Week

COMMENTARY

After a spectacular first week--the Dow Jones industrials hit a new record of 9643.3 on Jan. 8--the bears rushed in. The first wave of selling came over concern about upcoming profit reports. Then, Brazil's financial bailout plan started to unravel, and its currency sank. Reacting to the bad news from Latin America, the Dow plunged 260 points, or 2.8%, in the first half hour of trading on Jan. 13. But bargain hunters came back, and the market made up about half the loss to close at 9349.6. The Dow is still up 168 points, or 1.8%, in 1999.

STOCKS

Investment Figures of the Week

Investment Figures of the Week
Investment Figures of the Week
                                                   % change
      U.S. MARKETS                       Latest      Week         Year
      Dow Jones Industrials              9349.6      -2.0         20.1
      NASDAQ Combined Composite          2316.8      -0.2         49.6
      S&P MidCap 400                      382.9      -3.1         19.7
      S&P SmallCap 600                    176.4      -1.2          1.4
      S&P SuperComposite 1500             260.5      -2.9         26.9
                                                         % change
      SECTORS                             Latest      Week         Year
      Bloomberg Information Age           498.5       0.0         68.5
      S&P Financials                      131.4      -3.1         15.2
      S&P Utilities                       253.9      -2.5         10.6
      PSE Technology                      482.2       1.5         68.1
                                                         % change
      FOREIGN MARKETS                    Latest      Week         Year
      London (FT-SE 100)                 5850.1      -4.9         14.6
      Frankfurt (DAX)                    4931.8      -9.4         17.7
      Tokyo (NIKKEI 225)               13,403.6      -0.5        -11.4
      Hong Kong (Hang Seng)            10,273.8       0.4         11.4
      Toronto (TSE 300)                  6632.1      -2.5          4.4
      Mexico City (IPC)                  3300.4     -11.9        -29.0
                                                     Week
      FUNDAMENTALS                       Latest      ago          Year
      S&P 500 Dividend Yield             1.27%       1.27%        1.60%
      S&P 500 P/E Ratio (Last 12 mos.)   32.3        32.6         23.8
      S&P 500 P/E Ratio (Next 12 mos.)*  24.1        24.2         18.7
      First Call Earnings Surprise*      15.13%      9.99%        3.12%
                                                    Week
      TECHNICAL INDICATORS              Latest      ago           Year
      S&P 500 200-day average           1111.3     1106.5         Positive
      Stocks above 200-day average        40.0%      41.0%        Positive
      Options: Put/call ratio             0.39       0.45         Negative
      Insiders: Vickers Sell/buy ratio    1.33       1.25         Positive
      Data: Bloomberg Financial Markets; *First Call Corp.
      
      KEY RATES                    Latest   Week     Year
                                   week%    ago      ago
      MONEY MARKET FUNDS            4.71    4.75     5.23
      90-DAY TREASURY BILLS         4.44    4.47     5.17
      6-MONTH BANK CDS              4.38    4.39     5.18
      1-YEAR TREASURY BILLS         4.46    4.53     5.17
      10-YEAR TREASURY NOTES        4.71    4.73     5.41
      30-YEAR TREASURY BONDS        5.13    5.17     5.71
      LONG-TERM AA INDUSTRIALS      6.10    6.13     6.35
      LONG-TERM BBB INDUSTRIALS     6.89    6.97     6.70
      LONG-TERM AA TELEPHONES       6.33    6.43     6.68
      
      BEST-PERFORMING          Last                                  Last 12
      GROUPS                   month%                                months%
      Broadcasting              23.6     Communications Equip.       120.4
      Personal Loans            23.0     Specialty Appar. Retailers   94.0
      Savings & Loans           21.1     Computer Systems             88.4
      Cosmetics                 21.0     Genl. Merchandise Chains     80.8
      Health-Care Services      19.0     Computer Software            75.6
      
      WORST-PERFORMING         Last                                  Last 12
      GROUPS                   month%                                months%
      Toys                     -14.6     Oil & Gas Drilling          -47.2
      Hospital Management      -12.0     Oil-Well Equip. & Svcs.     -30.7
      Engineering & Constr.     -8.1     Oil Exploration & Prod.     -26.9
      International Oil         -5.1     Hospital Management         -26.7
      Specialty Printing        -3.4     Toys                        -25.7
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead?  Stocks with most                     1-month
      significant buying on price weakness    Price        change
      Exxon                                   70 3/4       -3 11/16
      GTE                                     63 1/16        -1/8
      Telebras-ADR                            62 5/8      -11 3/4
      Mobil                                   85 3/4       -3 5/8
      Telefonos de Mexico-ADR                 43 7/8       -3
      Chevron                                 82 1/16      -3 5/8
      Decline ahead?  Stocks with most                     1-month
      significant selling on price strength   Price        change
      Cisco Systems                           98 1/8      17 3/4
      Microsoft                              142 3/16     14 1/4
      MCI WorldCom                            72 1/2      10 5/16
      Dell Computer                           80 7/16     15 11/16
      Intel                                  135 9/16     24
      CMGI                                   130 3/4      97 3/4
      
      INTEREST  RATES
                                    Latest    Week      Year
      KEY RATES                     week%     ago%      ago%
      MONEY MARKET FUNDS            4.71      4.75      5.23
      90-DAY TREASURY BILLS         4.44      4.47      5.17
      6-MONTH BANK CDS              4.38      4.39      5.18
      1-YEAR TREASURY BILLS         4.46      4.53      5.17
      10-YEAR TREASURY NOTES        4.71      4.73      5.41
      30-YEAR TREASURY BONDS        5.13      5.17      5.71
      LONG-TERM AA INDUSTRIALS      6.10      6.13      6.35
      LONG-TERM BBB INDUSTRIALS     6.89      6.97      6.70
      LONG-TERM AA TELEPHONES       6.33      6.43      6.68
      
      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           4.17%    4.16%      4.89%      4.88%
      PERCENT OF TREASURIES        88.59    88.37      95.28      94.54
      TAXABLE EQUIVALENT            6.04     6.03       7.09       7.07
      INSURED REVENUE BONDS         4.32     4.29       5.16       5.12
      PERCENT OF TREASURIES        91.78    91.14      100.54     99.19
      TAXABLE EQUIVALENT            6.26     6.22       7.48       7.42
      Data: Bloomberg Financial Markets
      
      MUTUAL FUNDS
      EQUITY FUNDS
      Leaders                              Laggards
      Four-week total return         %     Four-week total return        %
      Amerindo Technology D          66.3  ProFunds UltraShort OTC Inv.  -26.4
      Internet                       60.0  Potomac OTC/Short             -14.4
      Apex Mid Cap Growth            56.4  Montgomery Latin Amer. R      -13.1
      Munder NetNet A                41.6  Prudent Bear -11.9
      TCW/DW Mid-Cap Equity D        35.4  ProFunds UltraBear Serv.      -11.9
      Leaders                              Laggards
      52-week total return          %      52-week total return          %
      Internet                      317.7  Lexington Troika Russia       -80.3
      ProFunds UltraOTC Inv.        226.3  American Heritage             -63.3
      Amerindo Technology D         182.9  Potomac OTC/Short             -57.0
      Dreyfus Technology Growth     133.6  Montgomery Latin Amer. R      -54.0
      Potomac OTC Plus              125.9  Offitbank Latin Amer. Sel.    -48.1
      EQUITY FUND CATEGORIES
      Leaders                              Laggards
      Four-week total return         %     Four-week total return         %
      Technology                     18.7  Latin America                  -8.8
      Communications                 16.1  Real Estate                     1.6
      Small-cap Growth               13.0  Japan                           2.3
      Mid-cap Growth                 12.9  International Hybrid            2.9
      Large-cap Growth                9.3  Domestic Hybrid                 3.9
      Leaders                              Laggards
      52-week total return           %     52-week total return          %
      Technology                     69.5  Latin America                 -38.6
      Communications                 57.6  Diversified Emerging Mkts.    -16.1
      Large-cap Growth               42.2  Real Estate                   -13.9
      Mid-cap Growth                 27.5  Natural Resources             -13.2
      Large-cap Blend                27.3  Small-cap Value                -2.1
      All data are as of market close Wednesday, Jan. 13, 1999, 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 Jan. 12. 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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