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Commentary


Investment Figures of the Week

COMMENTARY

Europe's Exchange Rate Mechanism came unglued, but rather than fret, equity

investors cheered. That's because the breakdown in the ERM will allow interest

rates to come down and help jump-start recession-racked economies across the

Continent. German stocks gained 1.5%, British nearly 2%, and French equities

over 3%. Japanese stocks rallied as well. In the U.S., long-term interest rates

came down as the budget and tax debate drew to a close. U.S. stocks may be

ready to rocket.

MARKET ANALYSIS

% change

U.S. STOCKS Latest Week 52-week

DOW JONES INDUSTRIALS 3552.1 0.0 5.6

MIDSIZE COMPANIES (S&P MidCap Index) 169.0 1.3 16.0

SMALL COMPANIES (Russell 2000) 238.5 1.1 22.6

ALL COMPANIES (Russell 3000) 259.1 0.5 9.1

% change (local currency)

FOREIGN STOCKS Latest Week 52-week

LONDON (FINANCIAL TIMES 100) 2941.3 2.0 22.9

TOKYO (NIKKEI INDEX) 20,497.6 3.4 28.2

TORONTO (TSE COMPOSITE) 3988.5 1.7 17.1

FUNDAMENTALS Latest Week ago Year ago

90-DAY TREASURY BILL YIELD 3.15% 3.15% 3.23%

30-YEAR TREASURY BOND YIELD 6.55% 6.65% 7.43%

S&P 500 DIVIDEND YIELD 2.79% 2.79% 2.90%

S&P 500 PRICE/EARNINGS RATIO 22.8 21.3 24.6

TECHNICAL INDICATORS Latest Week ago Reading

S&P 500 26-week moving average 446.2 445.9 Positive

Stocks above 26-week moving average 58.3% 55.8% Negative

Speculative sentiment: Put/call ratio 0.49 0.51 Positive

Insider sentiment: Vickers sell/buy ratio 2.25 2.32 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

HOMEBUILDING 11.4 37.8 KAUFMAN & BROAD

HOME 12.2 35.0 20 3/4

HOTELS AND MOTELS 10.5 83.8 PROMUS 21.7 308.6 59 1/2

TRANSPORTATION SERVICES 10.3 26.4 PITTSTON SERVICES

GROUP 34.4 39.8 21 1/2

LIFE INSURANCE 9.8 28.2 LINCOLN NATIONAL 12.7 33.8 43 1/4

FURNISHINGS AND APPLIANCES 9.5 26.9 WHIRLPOOL 12.9 59.1 63 5/8

% change Weakest % change

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

APPAREL MANUFACTURING -13.8 -21.3 LIZ CLAIBORNE -25.5 -35.2 23

STEEL -11.6 18.1 USX-U.S. STEEL

GROUP -28.1 1.8 28 1/2

COMPUTER SYSTEMS -10.6 -41.6 APPLE COMPUTER -24.7 -38.0 29

ENTERTAINMENT -7.1 7.4 WALT DISNEY -8.3 3.8 37 3/8

HOUSEHOLD PRODUCTS -6.9 -5.6 COLGATE-PALMOLIVE -11.2 -3.3 50 3/4

MORNINGSTAR INC.

MUTUAL FUNDS

LEADERS LAGGARDS

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

UNITED SERVICES WORLD GOLD 11.1 STEADMAN OCEANOGRAPHIC TECHNOLOGY -8.6

SHERMAN, DEAN 10.2 FRANKLIN GLOBAL HEALTH CARE -4.4

LEXINGTON STRATEGIC INVESTMENTS 8.9 OPPENHEIMER GLOBAL BIO-TECH -4.4

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

LEXINGTON STRATEGIC INVESTMENTS 108.5 INVESCO STRATEGIC HEALTH SCIENCES -17.8

EXCEL MIDAS GOLD SHARES 75.0 FIDELITY SELECT HEALTH CARE -15.7

UNITED SERVICES WORLD GOLD 72.8 FIDELITY SELECT MEDICAL DELIVERY -12.6

DRI/McGRAW-HILL

RELATIVE PORTFOLIOS

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

$14,139 $12,073 $11,495 $10,889 $10,231

+3.13% +1.67% +2.91% +0.23% +0.05%

Dollar amounts

represent the present value of $10,000

invested one year ago in each portfolio

Percentages indicate

five-day total returns

All data on this page are as of market close Wednesday, Aug. 4, 1993, unless

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

performance and share prices are as of market close Aug. 3. Mutual fund returns

are as of July 30. Relative portfolios are valued as of Aug. 3. A more detailed

explanation of this page is available on request.


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