Bear Stearns High Yield Index gains 1.13% in week, 18.65% higher year to date

New York, June 20 - The Bear Stearns High Yield Index stretched its latest winning run to four straight weeks with a 1.13% return in the week to June 19.

Since Jan. 1, the index is now showing an 18.65% total return.

The index dipped in one week before the current string of upward moves and then was up for 13 successive weeks before that.

For a third week, all 11 of the industry sectors making up the index showed positive returns.

Strongest was utilities, which added 2.03% and is now up 42.84% so far this year, the best of any of the 11.

The smallest rise was energy-oil and gas, which moved up 0.73%, taking its year-to-date return to 12.49%.

Consumer non-cyclicals is showing the weakest performance since Jan. 1 and the only one of the 11 sectors with a single digit return, at 7.33%.

Among the narrow sub-sectors into which Bear Stearns divides the 11 broad groups, North American cable was the leader in the most recent week, jumping 3.57%. It is now 41.74% higher year to date.

But the leader so far in 2003 continues to be long distance with a 63.86% return after rising 2.33% in the week just gone.

In the other direction, textile and apparel turned in the worst performance for the week to June 19, losing 0.88%. It is also the only one of the narrow sub-sectors in negative territory year to date with a 1.17% loss.

The index ended the week with a market value of $446.56 billion in 1,607 issues, both up from $442.56 billion in 1,606 issues the previous week.

The yield to worst fell 27 basis points to 8.90% from 9.17% the week before. The yield-to-worst spread dropped 39 basis points to 661 basis points form 700 basis points.

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