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Bear Stearns High Yield Index ends run of gains with 0.93% drop in week
New York, Jan. 30 - The Bear Stearns High Yield Index ended its 2004 winning streak with a 0.93% plunge in the week to Jan. 29.
The index had been up every week so far this year - with the gains coming after a total return of 28.92% for all of 2003.
But despite dropping in the week just completed, the index is still 1.76% higher year to date.
The utility sector led the move downwards, dropping 2.14% in the week and cutting its year-to-date return to 1.46%. Utilities had been the strongest gainer the week before.
Finance was the only one of the 11 industry sectors making up the index to show a positive return in the most recent week, adding 0.76% for a year-to-date rise of 3.59%, making it the best performing sector for the year so far.
The weakest sector as measured by performance since Jan. 1 is telecommunications, up 1.38% after losing 1.82% in the most recent week.
Among the narrow sub-sectors making up the nine broader groups, the integrated component of utilities showed the biggest loss in the week to Jan. 29, dropping 2.80% and reducing its return since Jan. 1 to 0.47%.
"Other finance" showed the fattest gain, rising 1.04% and taking its year-to-date return to 4.06%.
For the year so far, directories is in last place with a 0.88% loss after falling 2.54% in the most recent week.
Long distance is the top performer with a 5.76% return despite slipping 0.67% in the week.
The index's yield to worst ended the week at 7.37%, up 31 basis points from 7.06% the week before. The yield-to-worst spread widened three basis points to 441 basis points from 438 basis points.
The index ended the week to Jan. 29 with a market value of $506.99 billion in 1,651 issues, less value but more bonds than $507.41 billion in 1,638 issues a week earlier.
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