Bear Stearns index adds 0.04% in most recent week, up 2.16% year to date

New York, April 1 - The Bear Stearns High Yield Index continued its recent run of gains by a narrow margin in the most recent week, rising just 0.04% in the seven days to March 28. The year-to-date return for the index is now 2.16%.

Although just a small increase, the latest addition means the index has now moved upwards for five consecutive weeks, following four straight weeks of declines before that.

Despite the latest gain, the index's yield to worst rose three basis points to 11.89% from 11.86% a week earlier and the spread to worst moved out one basis point to 709 basis points from 708 basis points.

Overall the index included 1,416 issues with a market value of $315.888 billion compared to 1,406 issues with a market value of $313.673 billion the week before.

Of the index's 11 component sectors, six rose and five fell in the most recent week.

Top performer was capital goods-manufacturing, which rose 1.01% in the week for a year-to-date return of 6.18%. The previous week utilities had been top but they declined 0.06% in the week to March 28.

Worst performer among the 11 was technology, which dropped 1.19% for a year-to-date return of 2.36%. Telecommunications, the previous week's last-placed sector, lost 1.00% in the most recent week, earning it the next-to-last position; it is also by far the worst performing group for the year so far with a return of negative 14.58%.

Among the narrow sub-sectors into which the 11 broad categories are divided, the top performer in the most recent week was the textile and apparel group, which rose 4.57% for a year-to-date return of 12.17%.

However year-to-date, satellites continued in first place with a 0.17% rise in the most recent week and a return through March 28 of 17.56%.

Moving downwards, North American cable was the weakest sub-sector, losing 3.02% in the most recent week for a year-to-date return of negative 1.76%.

For performance so far this year, however, long distance remains at the bottom with a 0.82% loss in the most recent week taking its return through March 28 to negative 33.62%.

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