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Commentary


Investment Figures of the Week

COMMENTARY

A dazzling week in the global financial markets. All the major U.S. stock

indexes climbed to record highs, with the Dow Jones industrial average closing

on Aug. 25 at a record 3652. The rally was fueled by a strong showing in the

bond market, where traders bet on continued disinflation. Yields of benchmark

30-year Treasuries fell to a record low of 6.17%. A sobering note: The put-call

ratio, a gauge of short-term sentiment, dipped into neutral territory. It was

positive the week before.

MARKET ANALYSIS

% change

U.S. STOCKS Latest Week 52-week

DOW JONES INDUSTRIALS 3652.1 1.3 12.5

MIDSIZE COMPANIES (S&P MidCap Index) 173.5 0.7 22.6

SMALL COMPANIES (Russell 2000) 244.4 0.6 30.5

ALL COMPANIES (Russell 3000) 265.6 0.8 14.5

% change (local currency)

FOREIGN STOCKS Latest Week 52-week

LONDON (FINANCIAL TIMES 100) 3079.2 0.2 34.8

TOKYO (NIKKEI INDEX) 20,521.5 -1.2 24.1

TORONTO (TSE COMPOSITE) 4122.9 1.3 21.9

FUNDAMENTALS Latest Week ago Year ago

90-DAY TREASURY BILL YIELD 3.05% 3.04% 3.22%

30-YEAR TREASURY BOND YIELD 6.17% 6.26% 7.42%

S&P 500 DIVIDEND YIELD 2.72% 2.77% 2.99%

S&P 500 PRICE/EARNINGS RATIO 23.7 23.5 24.3

TECHNICAL INDICATORS Latest Week ago Reading

S&P 500 26-week moving average 447.5 446.7 Positive

Stocks above 26-week moving average 62.6% 60.0% Neutral

Speculative sentiment: Put/call ratio 0.39 0.48 Neutral

Insider sentiment: Vickers sell/buy ratio 2.24 2.11 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

MANUFACTURED HOUSING 18.0 65.2 FLEETWOOD ENTERPRISES 21.7 76.0 23 7/8

COMMUNICATIONS

EQUIPMENT 17.3 14.5 NORTHERN TELECOM 21.3 -23.8 26 3/8

HOMEBUILDING 14.3 62.5 PULTE 23.3 55.8 37

SEMICONDUCTORS 13.8 127.6 ADVANCED MICRO DEVICES 25.9 259.4 31

OIL EXPLORATION AND

PRODUCTION 11.8 11.9 ORYX ENERGY 16.5 5.7 23

% change Weakest % change

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

LONG-DISTANCE

TELECOMMUNICATIONS -6.7 45.0 AT&T -8.1 38.9 59 3/8

TRUCKING -4.9 -2.4 CONSOLIDATED

FREIGHTWAYS -9.7 9.8 14

PAPER CONTAINERS -4.4 -23.8 STONE CONTAINER -10.1 -54.7 7 3/4

AFTERMARKET AUTO

PARTS -4.0 20.6 GOODYEAR TIRE & RUBBER -6.4 23.8 40 3/8

COMMERCIAL SERVICES -3.4 -6.5 JWP -15.4 -78.0 1 3/8

MORNINGSTAR INC.

MUTUAL FUNDS

LEADERS LAGGARDS

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

PROGRESSIVE AGGRESSIVE GROWTH 15.4 LEXINGTON STRATEGIC INVESTMENTS -11.2

GAM INTERNATIONAL 12.6 UNITED SERVICES GOLD SHARES -5.9

GAM GLOBAL 12.6 STEADMAN OCEANOGRAPHIC TECHNOLOGY -4.7

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

PBHG GROWTH 89.8 INVESCO STRATEGIC HEALTH SCIENCES -14.4

LEXINGTON STRATEGIC INVESTMENTS 82.9 FIDELITY SELECT MEDICAL DELIVERY -13.7

EXCEL MIDAS GOLD SHARES 80.8 FIDELITY SELECT HEALTH CARE -12.0

DRI/McGRAW-HILL

RELATIVE PORTFOLIOS

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

$13,200 $12,176 $11,489 $10,995 $10,228

-1.48% +0.65% +1.47% +0.55% +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. 25, 1993, unless

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

performance and share prices are as of market close Aug. 24. Mutual fund

returns are as of Aug. 20. Relative portfolios are valued as of Aug. 24. A more

detailed explanation of this page is available on request.


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