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Bear Stearns High Yield Index continues upwards, rising 0.24% in week
New York, July 18 - The Bear Stearns High Yield Index gained 0.24% in the week to July 17, its second consecutive gain after a two-week interruption to the recent winning run.
The index is now 18.94% higher since Jan. 1.
Eight of the 11 sectors making up the index showed positive returns in the most recent week.
Media showed the biggest gain with a 1.53% total return, taking its year-to-date return to 24.36%.
But utilities remains in first place so far this year with a 43.28% rise despite slipping 0.05% in the week just completed.
The week's biggest loss was in technology, which dropped 0.50% and is now 30.36% higher since Jan. 1.
But the worst performer so far in 2003 continues to be consumer non-cyclicals with a 7.19% return - and the sector dropped 0.13% in the week to July 17.
Among the narrow sub-sectors, the top performer was North American cable, which jumped 4.33% higher, extending its year-to-date gain to 46.03%.
However the IPP component of utilities remains in the number one spot with a 66.41% return after adding 0.78% in the week just gone.
In the other direction, utilities' integrated component showed the biggest loss, dropping 0.77% and cutting its year to-date return to 42.65% (technology is not divided into sub-sectors by Bear Stearns).
The weakest performer so far this year continues to be textile and apparel with a 1.45% return after slipping 0.06% in the week just completed.
The index ended the week with a market value of $457.71 billion in 1,623 issues, both down from $458.23 billion in 1,633 issues the week before.
The yield to worst fell 10 basis points to 8.95% from 9.05% the week before. The yield-to-worst spread dropped 34 basis points to 609 basis points from 643 basis points.
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