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Bear Stearns High Yield Index gains 0.28%, up 1.59% year to date
New York, July 2 - The Bear Stearns High Yield Index lengthened its recent run of gains to four straight weeks with a 0.28% rise in the week to July 1.
The index is now up 1.59% so far this year, having largely recovered from the May plunge that took it into negative territory.
Ten out of the 11 industry sectors making up the index were in positive territory in the most recent week.
Transportation led the way higher with a 1.74% total return although it remains in last place year to date with a negative 6.84% performance.
Telecommunications was the only loser, dropping 0.59% in the week and extending its loss for 2004 to 2.47%.
Basic materials held on to its position as the top sector for the year so far with a 3.87% return after adding 0.49% in the week just completed.
Airlines - a component of transportation - was number one among the sub-sectors making up the broader industry groups. It jumped 4.26% in the week but is still down 19.94% since Jan. 1, by far the worst performance of the sub-sectors.
Long distance showed the week's biggest loss, dropping 1.50% and fattening its year-to-date decline to 12.69%.
Textile and apparel took over as the top sub-sector for the year so far with a 16.66% return after adding 0.92% in the week to July 1. Previously banking was in first place.
The index's yield to worst ended the week at 8.21%, down 3 basis points from 8.24% a week earlier. The yield-to-worst spread widened 6 basis points to 453 basis points from 447 basis points.
The index ended the week to July 2 with a market value of $501.87 billion in 1,683 issues, both down from $503.72 billion in 1,686 issues a week earlier.
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