Bear Stearns High Yield Index gains 0.37% in week to Dec. 25, ninth straight gain

New York, Jan. 1 - The Bear Stearns High Yield Index remained on an upward path in the week to Dec. 25, rising 0.37%.

With the latest gain, the index has shown a positive total return for the last nine weeks and 18 of the 19 most recent weeks.

For 2003 through Dec. 25, the index is up 28.48%.

For a fifth week, all 11 of the industry sectors making up the index recorded gains.

Finance led the rise with a 0.81% return in the week to Dec. 25, lifting its year-to-date performance to 31.71%.

However the utility sector remains in the number one spot at 56.82% after adding 0.63% in the week to Dec. 25.

The weakest relative performance came from consumer non-cyclicals, which added 0.23% and is now up 14.80% for 2003 so far, leaving it still in last place among the 11 sectors.

Steel was the top performer among the narrow sub-sectors making up the broader industry groups, shooting up 1.50% in the week to Dec. 25 for a year-to-date return of 13.93%.

The integrated component of utilities remains in the number one place for 2003 through Dec. 25 at 83.32% after adding 0.76% in the most recent week.

Food/beverage/tobacco was one of three sub-sectors to show a loss in the week, dropping 0.20%. Also down, but by smaller amounts, were metals and banking. Food/beverage/tobacco is now showing a year-to-date return of 17.64% through Dec. 25.

Textile and apparel remains the only sub-sector in negative territory for the year to Dec. 25 at negative 7.06% after adding 0.17% in the most recent week.

The index's yield to worst fell 8 basis points to 7.69% from 7.77% the week before. The yield-to-worst spread shrank 9 basis points to 474 basis points from 483 basis points.

The index ended the week to Dec. 25 with a market value of $501.68 billion in 1,663 issues, both up from $493.34 billion in 1,652 issues the week before.

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