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Bear Stearns High Yield Index breaks losing run, jumps 1.87% higher
New York, Aug. 22 - The Bear Stearns High Yield Index moved sharply higher in the week to Aug. 21, gaining 1.87% and ending a four-week losing streak.
The index is now up 16.70% since Jan. 1.
The previous week the index slipped 0.48% and it was down 1.41% the week before that.
All 11 industry sectors making up the index were in positive territory for the week and every one of the narrow sub-sectors was better except metals.
Utilities was the biggest gainer of the 11 broad industry sectors making up the index, rising 3.08% for a year-to-date gain of 38.02%, the best of any group.
The laggard for the week was transportation although it still added 0.97%. It is now showing a 16.52% total return for the year so far.
The weakest performer on a year-to-date basis remains consumer non-cyclicals with a return of 5.86% after moving up 1.09% in the week just completed.
Among the narrow industry components, utilities' IPP category had the biggest gain in the week to Aug. 21, jumping 4.81% and taking its year-to-date performance to 58.56%.
However long distance remains in the number one position for the year so far with a 60.59% total return after adding 1.15% in the most recent week.
Metals was the worst performing sub-sector in the week, losing 0.61% and cutting its 2003 return to 1.13%.
Steel, however, remains in last place and is the only component in negative territory so far this year with a negative 0.48% return, even after adding 1.39% in the most recent week.
The index ended the week with a market value of $449.00 billion in 1,631 issues, more by value but fewer by number than $443.41 billion in 1,635 issues the week before.
The yield to worst fell back below 10%, dropping 45 basis points to 9.60% from 10.05% the week before. The yield-to-worst spread fell 41 basis points to 609 basis points from 650 basis points.
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