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Bear Stearns High Yield Index breaks losing run, up 0.87% in most recent week
New York, Feb. 21 - The Bear Stearns High Yield Index broke its three-week losing streak and gained 0.87% in the week ending Feb. 20. The measure is now up 3.26% so far this year.
The rise comes after declines of 0.85%, 0.06% and 0.28% in the previous two weeks.
Of the 11 sectors making up the index, all but one were in positive territory during the seven days.
Leading the pack was the utility component, which rose 2.83%, partially undoing its 4.61% decline the previous week which had made it the worst performer for the seven days to Feb. 13. The sector is now up 7.77% since Jan. 1.
The year-to-date number one position goes to technology which is now up 13.54% after adding 1.61% in the week just completed.
In the other direction, transportation was the only sector to decline in the week on the back of a significant drop in its airlines component. Transportation dropped 2.53% in the week ending Feb. 20 and is now down 8.72% so far this year, the worst year-to-date performance of any of the 11 sectors.
Among narrow sub-sectors, the top performer was integrated utilities, which jumped 5.77% and are now up 8.55% since Jan. 1.
On a year-to-date basis, broadband access and internet services remains number with a 20.17% return after adding 0.15% in the most recent week.
Airlines was the worst performing sub-sector in the week with a 4.05% drop and the group is now down 13.73% for 2003 so far, by far the biggest loss of any industry.
The index ended the week with a market value of $364.562 billion in 1,531 issues, both up from $357.913 billion in 1,519 issues the previous week.
The yield to worst was 12.04%, down 24 basis points from 12.28% the week before, and the yield-to-worst spread fell 21 basis points to 908 basis points from 929 basis points.
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