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Bear Stearns High Yield Index resumes upward path with 0.31% gain
New York, May 30 - The Bear Stearns High Yield Index resumed its upward path with a 0.31% return in the week to May 29.
The gain follows a loss of 0.44% the previous week, a decline that put an end to a 13-week run of gains.
Since Jan. 1 the index is now showing a total return of 14.78%.
All but two of the 11 industry sectors making up the index showed a positive return in the most recent week.
The utility sector had the best performance, rising 1.04% in the week for a gain of 36.07% so far this year, the best of any of the 11 groups.
In the other direction basic materials had the biggest decline, dropping 0.28%.
The weakest of the 11 sectors so far this year is consumer non-cyclicals, up 4.72% year to date after rising 0.09% in the week to May 29.
Among the narrow sub-sectors making up the broader groupings, cellular was the biggest gainer in the week with a 3.09% return. It is now up 33.90% in 2003.
The biggest winner so far this year remains broadband and internet services with a 99.47% return. It was unchanged in the most recent week. In second position behind this tiny sector - it makes up 0.01% of the total index - is long distance with a 55.11% return after adding 0.19% in the week just gone.
Moving down, steel showed the largest loss, slipping 1.38%, pushing it into the red for the year so far with a negative 0.83% return. That also makes steel the worst performer year to date.
The index ended the week with a market value of $422.29 billion in 1,573 issues, both up from $417.54 billion in 1,563 issues the previous week.
The yield to worst fell 1 basis point to 9.80% from 9.81% the week before. The yield-to-worst spread rose 2 basis points to 742 basis points.
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