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Bear Stearns High Yield Index down for fourth week, dropping 0.48%
New York, Aug. 15 - The Bear Stearns High Yield Index suffered a fourth straight decline, falling 0.48% in the week to Aug. 14.
The negative move follows a 1.41% decline the week before and cuts the year-to-date return to 14.57%.
Nine of the 11 industry sectors making up the index were in the red for the week with media leading the way down, falling 1.07%. Media now has an 18.30% return since Jan. 1.
Its north American cable component recorded the biggest drop among the industry sub-sectors, falling 2.16% and reducing its year-to-date gain to 10.33%.
Finance was the best performing sector, rising 0.34% and pulling its year-to-date total return up to 16.73%.
The integrated sub-sector of utilities was the top performer among the narrow components with a rise of 1.16% in the week just gone. It is now up 33.84% so far this year.
For the year so far, the utility sector remains the top industry sector with a 33.89% return after edging up 0.01% in the week just completed.
Still at the bottom is consumer non-cyclicals, up 4.72% year-to-date after losing 0.73% in the week to Aug. 14.
Among the sub-sectors, steel remains in last place with a 1.84% negative return since Jan. 1 after declining 0.82% in the week to Aug. 14.
In the other director, long distance is still number with a 58.77% return after slipping 0.20% in the week just gone.
The index ended the week with a market value of $443.41 billion in 1,635 issues, both up from $440.33 billion in 1,620 issues the week before.
The yield to worst rose 15 basis points to 10.05% - breaking back through the 10% barrier - from 9.90% the week before. The yield-to-worst spread fell 11 basis points to 650 basis points from 661 basis points.
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