Investment Figures Of The Week

COMMENTARY

The Dow Jones industrial average finally broke through the 10,000 barrier to

close at 10,007 on Mar. 29. But rather than excite investors, the historic

event only seemed to invite profit-taking. By Mar. 31, the Dow had shed 221

points to close at 9786. Closing the books on the first quarter, the Dow was

up 6.6%, and the S&P 500, 4.7%, and the NASDAQ Composite, 12.3%. With

price-earnings ratios at nosebleed levels and long-term interest rates

creeping upward, it's going to be tough for the Dow or the S&P to make big

gains from these climes.

STOCKS

Investment Figures of the Week
Investment Figures of the Week
                                                        % change
      U.S. MARKETS                       Latest      Week      Year
      Dow Jones Industrials              9786.2      1.2       10.3
      NASDAQ Combined Composite          2461.4      4.1       33.2
      S&P MidCap 400                      366.1      2.3       -1.7
      S&P SmallCap 600                    161.1      3.8      -20.6
      S&P SuperComposite 1500             268.7      1.5       13.0
      
                                                       % change
      SECTORS                             Latest     Week       Year
      Bloomberg Information Age           513.2      2.9       50.6
      S&P Financials                      139.3      1.3        4.8
      S&P Utilities                       232.9     -5.5       -5.4
      PSE Technology                      497.3      4.9       41.3
      
                                                       % change
      FOREIGN MARKETS                    Latest      Week       Year
      London (FT-SE 100)                 6295.3      4.6        4.6
      Frankfurt (DAX)                    4884.2      2.2       -5.2
      Tokyo (NIKKEI 225)               15,836.6      2.1       -2.5
      Hong Kong (Hang Seng)            10,942.2      2.2       -3.4
      Toronto (TSE 300)                  6597.8      1.1      -12.4
      Mexico City (IPC)                  4930.4      2.3       -1.4
      
                                                     Week       Year
      FUNDAMENTALS                         Latest    ago        ago
      S&P 500 Dividend Yield               1.24%    1.27%      1.41%
      S&P 500 P/E Ratio (Last 12 mos.)     34.2     33.2       27.8
      S&P 500 P/E Ratio (Next 12 mos.)*    24.3     24.0       21.5
      First Call Earnings Revision*       -1.08%   -1.48%     -3.43%
      
                                                    Week
      TECHNICAL INDICATORS                Latest     ago        Reading
      S&P 500 200-day average            1151.0   1146.4       Positive
      Stocks above 200-day average         32.0%    29.0%      Positive
      Options: Put/call ratio              0.48     0.52       Negative
      Insiders: Vickers Sell/buy ratio     1.07     1.06       Positive
      
      Data: Bloomberg Financial Markets; *First Call Corp.
      
      BEST-PERFORMING              Last                                 Last 12
      GROUPS                       month%                               months%
      Oil & Gas Drilling           42.9    Specialty Appar. Retailers   89.4
      Oil Exploration & Prod.      30.9    Communications Equip.        73.4
      Oil-Well Equip. & Svcs.      28.8    Computer Systems             73.3
      Domestic Oil                 24.4    Computer Software            68.4
      Invest. Banking/Brkrge.      20.2    Broadcasting                 65.0
      
      WORST-PERFORMING            Last                                 Last 12
      GROUPS                      month%                               months%
      Engineering & Constr.       -20.0    Machine Tools               -50.6
      Drug Chains                 -18.6    Engineering & Constr.       -48.9
      Manufactured Housing        -11.8    Oil & Gas Drilling          -45.2
      Machine Tools               -11.6    Hospital Management         -43.6
      Tobacco                     -10.0    Manufactured Housing        -38.5
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead? Stocks with most                             1-month
      significant buying on price weakness    Price               change
      Micron Technology                       45 5/16             -12 3/16
      Gateway 2000                            70 3/16              - 13/16
      Coca-Cola                               63 1/4               - 7/16
      Warner-Lambert                          67                   -1 7/8
      Gannett                                 61 13/16             -2 3/4
      Compaq Computer                         32 5/16              -1 7/32
      
      Decline ahead? Stocks with most                             1-month
      significant selling on price strength   Price               change
      Microsoft                               93                   17 1/8
      Intel                                   121 9/16              4 1/2
      MCI WorldCom                            92 1/8               11 7/16
      eBay                                    137 1/8              29 29/64
      Sun Microsystems                        125 15/16            28 11/16
      Pfizer                                  142 3/16              9  1/16
      
      INTEREST RATES
      
                                     Latest     Week       Year
                                     week%      ago%       ago%
      MONEY MARKET FUNDS             4.48       4.48       5.11
      90-DAY TREASURY BILLS          4.47       4.50       5.12
      6-MONTH BANK CDS               4.34       4.35       5.05
      1-YEAR TREASURY BILLS          4.70       4.73       5.37
      10-YEAR TREASURY NOTES         5.23       5.17       5.62
      30-YEAR TREASURY BONDS         5.62       5.54       5.90
      LONG-TERM AA INDUSTRIALS       6.54       6.45       6.45
      LONG-TERM BBB INDUSTRIALS      7.22       7.12       6.93
      LONG-TERM AA TELEPHONES        6.76       6.62       6.74
      
      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       4.27%       4.22%        4.97%         4.94%
      PERCENT OF TREASURIES    81.55       81.84        88.37         89.28
      TAXABLE EQUIVALENT        6.19        6.12         7.20          7.16
      INSURED REVENUE BONDS     4.35        4.31         5.21          5.18
      PERCENT OF TREASURIES    83.08       83.59        92.64         93.61
      TAXABLE EQUIVALENT        6.30        6.25         7.55          7.51
      
      EQUITY FUNDS
      Leaders                                 Laggards
      Four-week total return           %      Four-week total return            %
      Fidelity Sel. Energy Serv.      43.8    ProFunds UltraShort OTC Inv.  -23.1
      Rydex Energy Svcs. Inv.         41.7    Potomac OTC/Short             -12.5
      Icon Energy                     39.5    ProFunds UltraBear Serv.      -11.9
      Van Wagoner Emerging Gr.        32.3    Rydex Arktos Investor         -11.7
      State St. Res. Glob. Res. A     31.2    Pacific Advisors Sm. Cap C    -9.7
      
      Leaders                                 Laggards
      52-week total return              %     52-week total return              %
      Internet                        340.5   Lexington Troika Russia       -75.1
      Amerindo Technology D           161.4   American Heritage             -57.9
      ProFunds UltraOTC Investor      147.6   Vontobel Eastern Europ. Eq    -52.8
      Grand Prix                      131.1   Potomac OTC/Short             -50.6
      Berkshire Capital Gr. & Val.    126.9   State St. Res. Glob. Res. C   -47.4
      
      EQUITY FUND CATEGORIES
      
      Leaders                                 Laggards
      Four-week total return           %      Four-week total return           %
      Latin America                   23.0    Precious Metals               -2.3
      Japan                           16.9    Real Estate                   -1.6
      Natural Resources               16.8    Small-cap Value               -1.1
      Technology                      12.4    Small-cap Blend                0.3
      Diversified Pacific/Asia        11.8    Europe                         0.6
      
      Leaders                                 Laggards
      52-week total return             %      52-week total return              %
      Technology                      51.9    Latin America                 -33.5
      Communications                  40.5    Diversified Emerging Mkts.    -26.0
      Large-cap Growth                30.6    Precious Metals               -24.0
      Japan                           23.2    Natural Resources             -22.3
      Large-cap Blend                 14.0    Small-cap Value               -21.6
      
      All data are as of market close Wednesday, Mar. 31, 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 Mar. 30. For a more detailed explanation, write to us or E-mail 
      figures@businessweek.com.  NA=Not available  **Vanguard Index 500 Fund
      
      
      
    Before it's here, it's on the Bloomberg Terminal.
    LEARN MORE