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Bear Sterns High Yield Index makes it 13 up weeks in a row with 0.32% rise
New York, May 16 - The Bear Stearns High Yield Index extended its run of gains to 13 consecutive weeks - an entire quarter's worth of positive performance - with a 0.32% rise in the most recent week.
The move upwards brings the year-to-date return to 14.93%.
Transportation led the gains in the most recent week, adding 3.96% and bringing its performance for 2003 so far to 14.99%.
However, utilities, the only one of the 11 industry sectors to show a negative performance in the week to May 15, remains number one so far this year with a 35.12% total return.
Basic materials was unchanged on the week while the other nine sectors all rose.
The weakest performer year to date continues to be consumer non-cyclicals, up 4.88% since Jan. 1 after a 0.23% rise in the week just completed.
Airlines led among the narrow industry sub-sectors for a second week, adding 6.23% after a 7.14% gain the week before. The sub-sector is now up 22.47% so far in 2003.
However the leader year-to-date remains broadband access and internet services, a tiny component of the overall index which has recorded a total return of 99.47%. It was unchanged in the most recent week.
Long distance moved into second place, adding 0.66% in the week for a year-to-date performance of 54.52%. It pushed out the IPP component of utilities which fell 0.56% in the week and is now up 53.34% since Jan. 1.
Textile and apparel remains the worst performing sub-sector and the only one in negative territory. A rise of 1.01% in the week to May 15 still leaves it down 0.28% so far this year.
The index ended the week with a market value of $417.372 billion in 1,559 issues, both down from $419.598 billion in 1,560 issues the previous week.
The yield to worst fell six basis points to 9.64% from 9.70% the week before. The yield-to-worst spread rose three basis points to 708 basis points.
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