Bear Stearns High Yield Index up again with 1.09% rise

New York, June 6 - The Bear Stearns High Yield Index continued its long and only briefly interrupted rally with a 1.09% rise in the week to June 5.

The gain comes after a 0.31% move up the week before. The week before that, the index lost 0.44% which in turn came after a 13-week run of positive performance.

Year to date, the index is now showing a 16.04% total return.

All 11 of the industry sectors making up the index recorded gains in the most recent week.

Transportation was the strongest performing, jumping 4.54%, in large part due to a 7.28% gain in its airlines component, which was the biggest gainer among the industry sub-sectors.

Transportation is now 16.65% higher so far this year while airlines are up 24.70%.

However utilities remain the number-one placed sector year to date with a 37.55% return after adding 1.09% in the most recent week.

Aside from the tiny broadband and internet services sub-sector with its 99.47% return, long distance remains the best performing sub-sector with a 56.72% return after gaining 1.04% in the week just completed.

Of the broad sectors energy - oil and gas showed the smallest rise, moving 0.60% higher for a year-to-date return of 10.74%.

The weakest of the 11 sectors since Jan. 1 is consumer non-cyclicals with a 5.51% return after adding 0.75% in the week to June 5.

Metals was the worst performing sub-sector in the week, losing 0.51% for a year-to-date return of 3.90%.

Only textile and apparel is in negative territory for the year so far with a negative 0.28% performance after adding 0.52% in the week just gone.

The index ended the week with a market value of $435.55 billion in 1,603 issues, both up from $422.29 billion in 1,573 issues the previous week.

The yield to worst fell 37 basis points to 9.43% from 9.80% the week before. The yield-to-worst spread dropped 34 basis points to 708 basis points from 742 basis points.

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