Bear Stearns High Yield Index gains 0.58%, up 1.31% year to date

New York, June 25 - The Bear Stearns High Yield Index continued its return to winning form, rising for a third week.

With the 0.58% upward move in the seven days ending June 24, the index is now up 1.31% so far this year.

The index was 0.36% and 0.51% higher in the two preceding weeks, which themselves came after a small decline of 0.08% in the week ending June 3, and two weeks of strong gains before that.

Also for a third week, all 11 industry sectors making up the index recorded gains.

Yet again, the utility sector was the top performer - its third week in that position - gaining 0.83% in the seven days although it is still down 0.28% so far in 2004.

Media showed the smallest gains for a second week, inching up 0.07%. Its year-to-date total return is now negative 0.02%.

Basic materials remains the top performing sector for 2004 to date with a 3.37% return after moving 0.72% higher in the most recent week.

Transportation is still in last place with a 10.93% loss after adding 0.80% in the week.

Airlines was the winner among the sub-sectors that make up the broader industry groups with a jump of 1.92%, but it is still down 23.21% since Jan. 1, by far the worst performance.

The ESMR and PCS component of telecommunications showed the week's biggest loss, dropping 0.67% although it is still up 1.52% for 2004 so far.

Banking remains the number one sub-sector since Jan. 1 with a 16.46% return after adding 1.11% in the most recent week.

The index's yield to worst ended the week at 8.24%, down 9 basis points from 8.33% a week earlier. The yield-to-worst spread narrowed 2 basis points to 447 basis points from 449 basis points.

The index ended the week to June 24 with a market value of $503.72 billion in 1,686 issues, both up from $500.08 billion in 1,682 issues a week earlier.

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