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INVESTMENT FIGURES OF THE WEEK
COMMENTARY
An encouraging start for 1997. The Dow Jones industrial average climbed 102
points, to 6544, on Jan. 3 and closed at a record 6601 on Jan. 7. Computer
stocks led the rally. Meanwhile, the dollar hit a 45-month high against the
yen, as investors wagered that the U.S. markets would continue to lure
investors. But the market pulled back to 6549 on Jan. 8. The drop was sparked
by a decline in bond prices, as traders fretted over the prospect of higher
interest rates. Disappointing profit numbers also pummeled the market.
% change
U.S. MARKETS Latest Week 52-week
Dow Jones Industrials 6549.5 1.6 26.0
NASDAQ Combined Composite 1320.4 2.3 27.9
S&P MidCap 400 258.2 1.0 19.9
S&P SmallCap 600 146.1 0.4 22.1
S&P SuperComposite 1500 161.4 1.0 20.9
% change
SECTORS Latest Week 52-week
Bloomberg Information Age 234.0 1.5 22.3
S&P Financials 81.9 0.2 34.5
S&P Utilities 199.9 0.5 -2.4
PSE Technology 250.1 2.6 28.3
% change
FOREIGN MARKETS Latest Week 52-week
London (FT-SE 100) 4087.5 -0.8 9.9
Frankfurt (DAX) 2906.3 0.6 25.1
Tokyo (NIKKEI 225) 18,680.4 -3.5 -9.2
Hong Kong (Hang Seng) 13,454.9 0.0 28.6
Toronto (TSE 300) 5930.0 0.1 22.1
Mexico City (IPC) 3558.0 5.9 18.5
Week Year
FUNDAMENTALS Latest ago ago
S&P 500 Dividend Yield 1.92% 1.90% 2.27%
S&P 500 P/E Ratio (Last 12 mos.) 21.2 21.2 16.9
S&P 500 P/E Ratio (Next 12 mos.)* 16.1 16.4 NA
First Call Earnings Surprise* 1.92% 2.13% NA
Week
TECHNICAL INDICATORS Latest ago Reading
S&P 500 200-day average 682.2 679.3 Positive
Stocks above 200-day average 69.0% 65.0% Neutral
Options: Put/call ratio 0.52 0.51 Negative
Insiders: Vickers Sell/buy ratio 1.85 1.80 Positive
BEST-PERFORMING Last Last 12
GROUPS month% months%
Semiconductors 13.0 Oil & Gas Drilling 118.9
Cosmetics 9.8 Semiconductors 70.7
Oil & Gas Drilling 7.5 Shoes 69.7
Homebuilding 6.9 Computer Software 51.9
Soft Drinks 6.7 Money Center Banks 49.5
WORST-PERFORMING Last Last 12
GROUPS month% months%
Manufactured Housing -13.4 Trucking -30.2
Gold Mining -11.3 Gold Mining -18.9
Toys -9.3 Broadcasting -18.2
Specialty Retailers -7.8 Machine Tools -17.7
Conglomerates -7.8 Steel -12.2
BLOOMBERG MONEY FLOW ANALYSIS
Rebound ahead? Stocks with most 1-month
significant buying on price weakness Price change
Caterpillar 75 3/8 -2 1/8
Compaq Computer 74 1/8 -11 5/8
MFS Communications 26 1/2 -22 1/8
Wells Fargo 273 5/8 -1 1/8
Read-Rite 25 3/8 -1
Quantum 28 15/16 -11/16
Decline ahead? Stocks with most 1-month
significant selling on price strength Price change
Microsoft 85 3 1/4
Intel 1433/8 13 1/4
Cisco Systems 68 1/4 1/2
Worldcom 27 3 3/4
Zitel 48 1/8 18 5/8
Eli Lilly 76 1/4 2 1/8
Latest Week Year
KEY RATES week% ago% ago%
MONEY MARKET FUNDS 4.98 4.95 5.20
90-DAY TREASURY BILLS 5.14 5.21 5.18
6-MONTH TREASURY BILLS 5.29 5.33 5.22
1-YEAR TREASURY NOTES 5.60 5.51 5.19
10-YEAR TREASURY BONDS 6.59 6.43 5.68
30-YEAR TREASURY BONDS 6.84 6.65 6.04
LONG-TERM AA INDUSTRIALS 7.33 7.14 6.62
LONG-TERM BBB INDUSTRIALS 7.80 7.60 7.02
LONG-TERM AA TELEPHONES 7.54 7.34 6.95
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 4.85% 4.72% 5.49% 5.36%
PERCENT OF TREASURIES 73.62 74.95 80.24 81.97
TAXABLE EQUIVALENT 7.03 6.84 7.96 7.77
INSURED REVENUE BONDS 4.98 4.87 5.74 5.63
PERCENT OF TREASURIES 75.59 77.34 83.89 86.10
TAXABLE EQUIVALENT 7.22 7.06 8.32 8.16
EQUITY FUNDS
Leaders Laggards
Four-week total return % Four-week total return %
Pioneer India A 15.4 Matthews Korea -14.4
Vontobel Eastern Europ. Eq. 14.1 DFA Japanese Small Company -11.3
EV Trad. Greater India 9.7 Rydex Precious Metals -11.1
Federated Emerging Mkts. A 8.7 Cappiello-Rushmore Gold -10.4
Morgan Stanley Em. Mkts. B 8.4 PIMCo Adv. Prec. Metals A -9.7
Leaders Laggards
52-week total return % 52-week total return %
Interactive Inv. Tech Val. 75.6 United Svcs. Gold Shares -37.2
State St. Res. Glob. Res. A 71.2 Matthews Korea -33.5
PBHG Technology & Commun. 70.6 Steadman Technology Grth. -25.9
Portico MicroCap Instl. 69.5 Fidelity Japan Small Co. -24.7
Fidelity Sel. Energy Serv. 56.0 Lexington Strat. Invmnts. -23.7
EQUITY FUND OBJECTIVES
Leaders Laggards
Four-week total return % Four-week total return %
Specialty-Real Estate 5.3 Specialty-Precious Metals -6.9
Diversified Emerging Market 4.5 Specialty-Technology -0.9
Europe 3.0 Specialty -0.6
Specialty-Health 2.4 Pacific -0.4
Specialty-Natural Resources 2.1 Maximum Growth 0.0
Leaders Laggards
52-week total return % 52-week total return %
Specialty-Real Estate 32.1 Specialty-Precious Metals -6.5
Specialty-Natural Resources 30.3 Pacific 2.5
Specialty-Financial 29.1 Specialty-Communication 8.3
Specialty-Technology 29.0 Specialty-Utilities 9.2
Small Company 22.8 Foreign 10.2
All data are as of market close Wednesday, Jan. 8, 1997, 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. 7. 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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Updated June 15, 1997 by bwwebmaster
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