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Investment Figures Of The Week


Investment Figures of the Week

Investment Figures of the Week

COMMENTARY"Rational" exuberance after all? On Mar. 5, Fed Chairman Alan Greenspanchanged his tune, saying stocks aren't overvalued as long as corporate earningsmeet expectations. He also said he wouldn't raise rates as a tool to deflatethe high-flying market. The remarks made investors exuberant, and the Dowjumped 93 points, the best day in three weeks. The bond market applauded aswell, but interest rates are still the highest they've been since late January.That will make it tough to break the old high of 7067.5.

% change

U.S. MARKETS Latest Week Year

Dow Jones Industrials 6945.9 -0.5 23.1

NASDAQ Combined Composite 1329.1 -0.9 21.2

S&P MidCap 400 265.4 -0.4 15.6

S&P SmallCap 600 146.2 0.2 16.2

S&P SuperComposite 1500 171.8 -0.4 21.3

% change

SECTORS Latest Week Year

Bloomberg Information Age 243.9 -1.4 20.4

S&P Financials 93.9 -0.3 36.9

S&P Utilities 197.5 0.5 -0.3

PSE Technology 262.7 -0.9 25.9

% change

FOREIGN MARKETS Latest Week Year

London (FT-SE 100) 4360.1 0.7 15.4

Frankfurt (DAX) 3365.0 3.9 35.7

Tokyo (NIKKEI 225) 18,273.5 -3.8 -9.5

Hong Kong (Hang Seng) 13,410.8 -1.0 17.1

Toronto (TSE 300) 6203.1 0.0 24.2

Mexico City (IPC) 3762.5 -3.3 31.7

Week Year

FUNDAMENTALS Latest ago ago

S&P 500 Dividend Yield 1.85 % 1.79 % 2.14 %

S&P 500 P/E Ratio (Last 12 mos.) 21.0 21.2 19.0

S&P 500 P/E Ratio (Next 12 mos.)* 16.6 17.2 NA

First Call Earnings Revision* -1.69 % -0.71 % NA

Week

TECHNICAL INDICATORS Latest ago Reading

S&P 500 200-day average 708.7 705.5 Positive

Stocks above 200-day average 70.0 % 72.0 % Neutral

Options: Put/call ratio 0.63 0.59 Neutral

Insiders: Vickers Sell/buy ratio 1.85 1.79 Positive

Latest Week Year

KEY RATES week% ago% ago%

MONEY MARKET FUNDS 4.96 4.95 4.90

90-DAY TREASURY BILLS 5.19 5.22 5.02

6-MONTH BANK CDS 5.01 5.01 4.65

1-YEAR TREASURY BILLS 5.68 5.64 5.07

10-YEAR TREASURY NOTES 6.57 6.56 5.96

30-YEAR TREASURY BONDS 6.83 6.80 6.39

LONG-TERM AA INDUSTRIALS 7.30 7.28 6.96

LONG-TERM BBB INDUSTRIALS 7.64 7.61 7.34

LONG-TERM AA TELEPHONES 7.52 7.48 7.33

BEST-PERFORMING Last Last 12

GROUPS month% months%

Savings & Loans 19.8 Shoes 95.8

HMOs 16.5 Semiconductors 89.2

Genl. Merchandise Chains 14.7 Oil & Gas Drilling 78.6

Specialty Appar. Retailers 12.5 Savings & Loans 61.6

Leisure Time 11.1 Invest. Banking/Brkrge. 51.6

WORST-PERFORMING Last Last 12

GROUPS month% months%

Engineering & Constr. -10.1 Machine Tools -24.3

Communications Equip. -9.3 Broadcasting -20.4

Oil Exploration & Prod. -8.5 Trucking -15.7

Domestic Oil -5.0 Restaurants -14.9

Machine Tools -4.4 Gold Mining -14.3

BLOOMBERG MONEY FLOW ANALYSIS

Rebound ahead? Stocks with most 1-month

significant buying on price weakness Price change

IBM 144 7/8 -3 7/8

General Electric 101 3/8 -1 5/8

Motorola 57 1/8 -7 1/8

Exxon 100 -2 7/8

MCI Communications 35 1/2 - 3/4

Bell Atlantic 67 5/8 - 3/8

Microsoft 99 1/8 3/4

Oracle 39 1/2 7/8

Amgen 61 5/8 3 7/8

Worldcom 25 1/8 1/4

Dell Computer 73 1/16 10 15/16

Staples 22 1/8 2 1/2

Decline ahead? Stocks with most 1-month

significant selling on price strength Price change

BLOOMBERG MUNI YIELD EQUIVALENTS

Taxable equivalent yields on AAA-rated, tax-exempt muni cipal bonds,

assuming a 31% federal tax rate.

10-yr. bond 30-yr. bond

Latest Last Latest Last

week week week week

GENERAL OBLIGATIONS 4.87% 4.84% 5.47% 5.44%

PERCENT OF TREASURIES 74.13 74.17 80.14 80.32

TAXABLE EQUIVALENT 7.06 7.01 7.93 7.88

INSURED REVENUE BONDS 4.97 4.91 5.69 5.63

PERCENT OF TREASURIES 75.68 75.24 83.37 83.13

TAXABLE EQUIVALENT 7.20 7.12 8.25 8.16

EQUITY FUNDS

Leaders Laggards

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

Lexington Troika Russia 17.3 Calvert Strat. Growth C -14.2

Lexington Strat. Invmnts. 12.0 PBHG Emerging Growth -12.6

EV Trad. Greater India 11.8 Steadman Technology Gr. -12.2

United Svcs. Gold Shares 10.9 Van Wagoner Emerging Gr. -11.7

Pioneer India A 10.8 Dominion Insight Growth -11.5

Leaders Laggards

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

Vontobel Eastern Europ. Eq. 69.9 Steadman Technology Gr. -41.0

State St. Res. Glob. Res. A 59.5 United Svcs. Gold Shares -32.4

Interactive Inv. Tech Value 58.4 DFA Japanese Small Co. -32.4

Morgan Stan. Inst. Lat. Am. A 51.0 Fidelity Japan Small Co. -30.6

Morgan Stan. Latin Am. A 49.9 Matthews Korea -29.7

EQUITY FUND CATEGORIES

Leaders Laggards

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

Precious Metals 8.6 Small-cap Growth -6.0

Latin America 4.4 Technology -5.1

Financial 3.1 Mid-cap Growth -3.3

Diversified Emerging Markets 2.2 Natural Resources -3.2

Europe 1.5 Communications -2.7

Leaders Laggards

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

Financial 33.2 Japan -15.8

Real Estate 33.1 Precious Metals -6.7

Latin America 32.4 Diversified Pacific -0.5

Natural Resources 21.6 Communications 4.5

Europe 21.3 Pacific ex-Japan 4.8

All data are as of market close Wednesday, Mar. 5, 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 Mar. 4. 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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