http://www.businessweek.com/stories/1993-08-22/commentary

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Commentary


Investment Figures of the Week

COMMENTARY

The Clinton budget victory touched off a rally in the bond market that carried

over to stocks. The Dow industrials set new records once again, as did the

NASDAQ. But the Standard & Poor's 500 was unable to mount a sustained piercing

of the 450 level--the result of the drag of the big drug and consumer stocks on

that index. Stocks abroad also made new highs in anticipation of further

interest-rate cuts overseas. Gold broke sharply as rumors of Chinese selling

circulated in the market.

MARKET ANALYSIS

% change

U.S. STOCKS Latest Week 52-week

DOW JONES INDUSTRIALS 3583.4 0.9 7.9

MIDSIZE COMPANIES (S&P MidCap Index) 169.7 0.4 18.1

SMALL COMPANIES (Russell 2000) 240.0 0.6 24.7

ALL COMPANIES (Russell 3000) 260.3 0.5 10.8

% change (local currency)

FOREIGN STOCKS Latest Week 52-week

LONDON (FINANCIAL TIMES 100) 3006.1 2.2 30.5

TOKYO (NIKKEI INDEX) 20,732.6 1.1 40.3

TORONTO (TSE COMPOSITE) 4015.9 0.7 18.9

FUNDAMENTALS Latest Week ago Year ago

90-DAY TREASURY BILL YIELD 3.09 % 3.15 % 3.19 %

30-YEAR TREASURY BOND YIELD 6.44 % 6.55 % 7.33 %

S&P 500 DIVIDEND YIELD 2.79 % 2.79 % 2.94 %

S&P 500 PRICE/EARNINGS RATIO 22.8 22.8 24.5

TECHNICAL INDICATORS Latest Week ago Reading

S&P 500 26-week moving average 446.3 446.2 Positive

Stocks above 26-week moving average 58.4 % 58.3 % Negative

Speculative sentiment: Put/call ratio 0.42 0.49 Positive

Insider sentiment: Vickers sell/buy ratio 2.13 2.25 Neutral

BRIDGE INFORMATION SYSTEMS INC.

INDUSTRY GROUPS

% change Strongest % change

FOUR-WEEK LEADERS 4-week 52-week stock in group 4-week 52-week Price

TRANSPORTATION SERVICES 16.0 31.1 PITTSTON SERVICES

GROUP 36.8 39.0 21 3/8

HOMEBUILDING 15.1 38.5 PULTE 28.9 39.8 35 1/8

FURNISHINGS AND

APPLIANCES 13.9 36.3 ARMSTRONG WORLD

INDUSTRIES 24.6 24.1 38

AIRLINES 13.3 14.1 USAIR GROUP 23.6 34.7 17

FOOD WHOLESALERS 8.5 18.5 SYSCO 13.9 15.0 28 3/4

% change Weakest % change

FOUR-WEEK LAGGARDS 4-week 52-week stock in group 4-week 52-week Price

HOUSEHOLD PRODUCTS -10.9 -7.9 COLGATE-PALMOLIVE -15.7 -7.3 49

APPAREL MANUFACTURING -10.3 -19.1 LIZ CLAIBORNE -20.6 -32.0 24 1/8

DRUGS -10.0 -33.8 MERCK -13.0 -42.4 30

HEALTH-CARE SERVICES -9.9 -45.8 ALZA -19.1 -59.2 20 1/8

COMPUTER SYSTEMS -9.5 -37.0 APPLE COMPUTER -25.0 -34.3 28 1/2

MORNINGSTAR INC.

MUTUAL FUNDS

LEADERS LAGGARDS

Four-week total return % Four-week total return %

WINTHROP FOCUS AGGRESSIVE GROWTH 11.7 LEXINGTON STRATEGIC INVESTMENTS -9.9

MERRILL LYNCH TECHNOLOGY A 11.1 UNITED SERVICES GOLD SHARES -8.6

THOMSON OPPORTUNITY A 9.4 LEXINGTON GOLDFUND -8.4

52-week total return % 52-week total return %

PBHG GROWTH 80.5 INVESCO STRATEGIC HEALTH SCIENCES -17.3

DFA JAPANESE SMALL COMPANY 73.2 FIDELITY SELECT HEALTH CARE -16.1

LEXINGTON STRATEGIC INVESTMENTS 73.0 FIDELITY SELECT MEDICAL DELIVERY -13.4

DRI/McGRAW-HILL

RELATIVE PORTFOLIOS

Dollar amounts

represent the present value of $10,000

invested one year ago in each portfolio

Percentages indicate

five-day total returns

Foreign stocks Treasury bonds U.S. stocks Gold Money market fund

$14,147 $12,158 $11,036 $10,971 $10,230

+0.34% +0.84% +0.04% -5.80% +0.05%

All data on this page are as of market close Wednesday, Aug. 11, 1993, unless

otherwise indicated. Industry groups include S&P 500 companies only;

performance and share prices are as of market close Aug. 10. Mutual fund

returns are as of Aug. 6. Relative portfolios are valued as of Aug. 10. A more

detailed explanation of this page is available on request.


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