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Bear Stearns High Yield Index gains 0.33% for week, upping year-to-date return to 0.70%
By Paul A. Harris
St. Louis, July 1 - The Bear Stearns High Yield Index gained 0.36% in the most recent week, ending the period with a year-to-date return of 0.70%.
The gain follows the previous week's 0.36% rise.
The index has now reported positive moves in 38 of the past 55 weeks.
Thus far in 2005 the index has posted 14 positive weekly returns versus 12 negative ones.
Ten of the 11 industry sectors making up the Bear Stearns index posted gains for the most recent week.
The utility sector showed the most power for the week to June 30, rising 0.76% and ending with a 0.55% year-to-date return. Its independent power producers component led the way among the sub-sectors, generating a 0.82% return on the week to end the period at 0.36% higher year to date.
The transportation sector was the only one to get stuck in the red for the week to June 30, with a negative 0.67% return. It is now negative 11.10% year to date. Again it was transportation's airlines component creating the drag, underperforming all the index's sub-sectors on the week at negative 2.89%, as well as on the year, at negative 31.36%.
The strongest year-to-date performance among the industry sectors remains that of the telecommunications sector, now at 3.34%, having gained 0.42% on the week to June 30.
Its cellular component remains far ahead of all other sub-sectors, more than doubling the return of its nearest competitor, having now returned 10.03% thus far into 2005. Cellular charged ahead another 0.31% during the most recent week.
The index's yield to worst tightened by eight basis points to 7.81% during the week. The yield-to-worst spread ended seven basis points tighter at 405 basis points.
The index ended the week with a market value of $539.70 billion, down from the previous week's $541.65 billion. The number of issues decreased by eight to 1,728.
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