Investment Figures Of The Week

COMMENTARY

A desultory, seesaw week in the financial markets. U.S. stocks rose on Feb. 22, with the Dow Jones industrial average climbing 212 points. Stocks were bolstered by takeover speculation, spurred by the acquisition of Sundstrand by United Technologies. But the market fell on Feb. 23, after Federal Reserve Chairman Alan Greenspan signaled that interest rates may be heading higher. Bond prices fell in reaction, but the dollar, which had climbed against the yen in recent weeks, held steady.

STOCKS

Investment Figures of the Week
Investment Figures of the Week
                                                  % change
      U.S. MARKETS                       Latest      Week      Year
      Dow Jones Industrials              9399.7      2.2       11.1
      NASDAQ Combined Composite          2339.4      4.0       32.4
      S&P MidCap 400                      361.5      1.8        3.2
      S&P SmallCap 600                    162.0      1.6      -15.9
      S&P SuperComposite 1500             262.3      2.3       17.2
                                                       % change
      SECTORS                             Latest    Week      Year
      Bloomberg Information Age           509.4      4.0       53.9
      S&P Financials                      132.9      2.1        5.9
      S&P Utilities                       240.6      0.4        3.5
      PSE Technology                      486.3      5.2       44.3
                                                       % change
      FOREIGN MARKETS                    Latest      Week      Year
      London (FT-SE 100)                 6307.6      3.8        9.8
      Frankfurt (DAX)                    5062.3      5.2        9.2
      Tokyo (NIKKEI 225)               14,355.5      1.4      -12.3
      Hong Kong (Hang Seng)              9677.6      2.9      -11.1
      Toronto (TSE 300)                  6339.4      0.2       -9.5
      Mexico City (IPC)                  4269.1      4.7       -9.9
                                                     Week       Year
      FUNDAMENTALS                         Latest    ago        ago
      S&P 500 Dividend Yield               1.25%    1.28%      1.48%
      S&P 500 P/E Ratio (Last 12 mos.)     33.3     32.8       25.2
      S&P 500 P/E Ratio (Next 12 mos.)*    24.3     23.8       20.1
      First Call Earnings Revision*       -2.09%   -1.78%     -2.77%
                                                     Week
      TECHNICAL INDICATORS                Latest     ago       Reading
      S&P 500 200-day average            1129.5   1126.1       Positive
      Stocks above 200-day average         31.0%    29.0%      Positive
      Options: Put/call ratio              0.61     0.55       Neutral
      Insiders: Vickers Sell/buy ratio     1.31     1.39       Positive
      Data: Bloomberg Financial Markets; *First Call Corp.
      
      BEST-PERFORMING              Last                                 Last 12
      GROUPS                       month%                               months%
      Shoes                        28.6   Communications Equip.         84.3
      Transportation Services      20.5   Specialty Appar. Retailers    79.0
      Toys                         16.7   Broadcasting                  72.9
      Insurance Brokers            16.4   Long-Dist. Telecomms.         70.1
      Restaurants                  14.8   Computer Systems              69.4
      WORST-PERFORMING            Last                                  Last 12
      GROUPS                      month%                                months%
      Metal & Glass Containers    -17.6   Oil & Gas Drilling           -57.0
      Engineering & Constr.       -14.6   Machine Tools                -40.9
      Oil & Gas Drilling          -13.3   Metal & Glass Containers     -37.9
      Hardware & Tools            -13.3   Oil Exploration & Prod.      -37.4
      Furnishings & Appliances    -13.0   Hospital Management          -36.0
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead?  Stocks with most                           1-month
      significant buying on price weakness    Price              change
      IBM                                     176 15/16          -5 1/16
      Airtouch Communications                  94 1/4             - 3/4
      Vodafone Group-ADR                      188 7/16           -2 3/16
      Exxon                                    67 3/4            -4 1/4
      Motorola                                 69 3/8             - 3/8
      DaimlerChrysler                          96 3/4            -6 1/8
      Decline ahead?  Stocks with most                            1-month
      significant selling on price strength   Price               change
      Dell Computer                            87 1/16            2 3/16
      Intel                                   134 1/4             3 5/8
      MCI WorldCom                             83 15/16           6 1/4
      Sun Microsystems                        104 11/16           3 5/8
      Oracle                                   58 1/2             7 7/16
      eBay                                    282 5/8            65 1/8
      
      INTEREST  RATES
                                     Latest     Week       Year
                                     week%      ago%       ago%
      MONEY MARKET FUNDS             4.54       4.57       5.14
      90-DAY TREASURY BILLS          4.65       4.52       5.31
      6-MONTH BANK CDS               4.33       4.33       5.03
      1-YEAR TREASURY BILLS          4.81       4.69       5.43
      10-YEAR TREASURY NOTES         5.17       4.98       5.63
      30-YEAR TREASURY BONDS         5.51       5.32       5.93
      LONG-TERM AA INDUSTRIALS       6.40       6.21       6.54
      LONG-TERM BBB INDUSTRIALS      7.16       6.99       6.95
      LONG-TERM AA TELEPHONES        6.59       6.38       6.83
      
      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       4.13%       4.07%       4.92%        4.86%
      PERCENT OF TREASURIES    79.84       81.93       89.36        91.59
      TAXABLE EQUIVALENT        5.99        5.90        7.13         7.04
      INSURED REVENUE BONDS     4.25        4.20        5.16         5.11
      PERCENT OF TREASURIES    82.16       84.55       93.72        96.30
      TAXABLE EQUIVALENT        6.16        6.09        7.48         7.41
      
      Leaders                                 Laggards
      Four-week total return           %      Four-week total return            %
      IAI Value                      22.0     State St. Res. Glob. Res. C   -14.1
      Lexington Troika Russia        19.4     Seligman Frontier B           -13.6
      Wright EquiFund-Mexico         15.7     Perkins Opportunity           -11.7
      Van Kampen Lat, American A     11.7     Galaxy Sm. Co. Eq. Retl. A    -11.6
      Warburg Adv. Japan Sm. Co.     11.6     Oak Hall Sm. Cap Contrar.     -11.6
      Leaders                                 Laggards
      52-week total return              %     52-week total return              %
      Internet                      288.6     Lexington Troika Russia       -76.7
      Amerindo Technology D         148.2     American Heritage             -57.3
      ProFunds UltraOTC Inv.        136.0     State St. Res. Glob. Res. B   -56.9
      Munder NetNet A               127.5     Offitbank Latin Amer. Sel.    -51.8
      Grand Prix                    122.9     Excelsior Latin America       -51.0
      EQUITY FUND CATEGORIES
      Leaders                                 Laggards
      Four-week total return            %     Four-week total return            %
      Latin America                   9.2     Small-cap Blend                -6.1
      Financial                       2.3     Small-cap Growth               -5.9
      Large-cap Growth                1.9     Small-cap Value                -5.9
      Large-cap Blend                 1.2     Natural Resources              -3.5
      Health                          0.8     Pacific/Asia ex-Japan          -3.4
      Leaders                                 Laggards
      52-week total return              %     52-week total return              %
      Technology                     48.1     Latin America                 -39.3
      Communications                 44.5     Diversified Emerging Mkts.    -28.9
      Large-cap Growth               31.2     Natural Resources             -26.8
      Large-cap Blend                17.0     Pacific/Asia ex-Japan         -17.9
      Utilities                      13.6     Real Estate                   -17.8
      All data are as of market close Wednesday, Feb. 17, 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 Feb. 16. 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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