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Bear Stearns High Yield Index jumps 1.05%, now up 4.34% so far this year
New York, Feb. 28 - The Bear Stearns High Yield Index gained 1.05% in the week to Feb. 27, building on a 0.87% return the previous week that had broken a three-week losing run.
The index is now showing a 4.34% total return since Jan. 1.
Eight of the 11 sector making up the index rose in the most recent week.
Leading the gains for a second week was the utility group, which spiked upwards 4.59% after adding 2.83% the week before. The sector is now up 12.72% on the year.
Technology remains the number one industry for 2003 so far with a return of 14.58% after rising 0.92% in the week just completed.
In the other direction transportation again showed the biggest loss, dropping 1.24% after shedding 2.53% the previous week. It is now down 9.85% year to date.
Among the narrow sub-sectors making up the index, the top performer was integrated utilities for a second week. It rose 6.96% in the seven days after gaining 5.77% for the week to Feb. 20. It is now up 16.10% so far this year.
However the best year to date performer continues to be broadband access and internet services with a 20.33% return although this sub-sector only edged up 0.13% in the week to Feb. 27.
The week's worst performer was supermarkets and distributors, dropping 2.29% for a year-to-date return of negative 3.62%.
The bottom sub-sector so far this year is airlines, down 15.43% after losing a further 1.97% in the week just gone.
The index ended the week with a market value of $371.163 billion in 1,534 issues, both up from $364.562 billion in 1,531 issues the previous week.
The yield to worst was 11.83%, down 21 basis points from 12.04% the week before, and the yield-to-worst spread fell 14 basis points to 894 basis points from 908 basis points.
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