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Bear Stearns High Yield Index drops 0.34% in week, year-to-date return now 18.54%
New York, July 25 - The Bear Stearns High Yield Index fell 0.34% in the week to July 24, cutting its year-to-date total return to 18.54%.
The decline comes after two upward weeks - including a 0.24% gain in the preceding seven days - which came after two down weeks and before that a long stretch of gains.
Transportation led the declines among the industry sectors, dropping 2.35% in the week to July 24 because of a 4.18% plunge in its airlines component, the worst performance of any of the sub-sectors.
Transportation is now 20.69% higher year to date while airlines are up 29.12%.
Overall six of the 11 sectors making up the index were in negative territory.
Finance was the leading sector, rising 0.97% for a year-to-date gain of 18.53%.
Of the sub-sectors, aerospace and defense was the winner, adding 1.11% to take it's return since Jan. 1 to 13.32%.
On a year-to-date basis, utilities remains the top performer of the 11 sectors with a 42.08% return despite sliding 0.84% in the seven days just gone.
Consumer non-cyclicals is still in last place with a 7.32% return after rising 0.12% in the week to July 24.
Among the narrow sub-sectors, long distance took the number one spot from the IPP component of utilities. Long distance is up 64.31% so far in 2003 although it slipped 0.54% in the past week. IPP fell 1.32% to 64.21%.
At the bottom, steel took last place from textile and apparel, although both are still in positive territory, steel at 0.85% after a 1.94% drop in the week just gone and textile and apparel at 2.02% after a 0.56% rise.
The index ended the week with a market value of $456.22 billion in 1,625 issues, less value but more issues than $457.71 billion in 1,623 issues the week before.
The yield to worst rose 13 basis points to 9.08% from 8.95% the week before. The yield-to-worst spread dropped four basis points to 605 basis points from 609 basis points.
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