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Bear Stearns High Yield Index falls 1.21% on week to Oct. 13, 0.07% on year
By Paul A. Harris
St. Louis, Oct. 14 - The Bear Stearns High Yield Index fell 1.21% during the week ended Oct. 13, ending the period with a year-to-date return of 0.07%.
The loss follows the previous week's 0.22% loss.
The index yield-to-worst spread widened by 17 basis points to 399.
The index has now reported gains in 47 of the past 70 weeks. Thus far in 2005, the index has posted 23 positive weekly returns versus 18 negative ones.
All 11 industry sectors had negative returns on the week.
The finance sector suffered the most, dropping 2.68% on the week and eroding its year-to-date return to 0.52%.
Finance's "other finance" component, which encompasses specialty finance companies and non-sector specific real estate investment trusts, plunged 3.54%. It was the greatest loss on the week among all index sub-sectors, dropping its year-to-date return to negative 0.93%.
The week's outperformer, by dint of having dropped only 0.13%, was the volatile transportation sector. However, on a year-to-date basis, the sector remains deep in the red at negative 16.81%.
The telecommunications sector, which dropped 0.95% on the week, maintained its year-to-date lead among the index industry sectors at 4.04%.
Also maintaining its lead in terms of year-to-date returns among sub-sectors is telecommunications' cellular component, which ended the period with a 12.83% year-to-date mark, after having dropped 0.83% on the week.
The index yield to worst widened by 27 basis points on the week to 8.35%.
The market value of the index increased during the week to $575.94 billion, down from the previous week's $583.92 billion. The number of issues fell by three to 1,774.
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