Bear Stearns High Yield Index up 0.53% in week, 2.14% higher year to date

New York, Jan. 16 - The Bear Stearns High Yield index continued its strong start to 2004 with a further 0.53% gain in the most recent week, building on the 1.60% jump in the first week of the new year.

For 2004 through Jan. 15, the index is 2.14% higher.

The two consecutive gains follow a return of 28.92% for all of 2003.

Energy - oil and gas led the gains in the most recent week, rising 0.81%. The sector is now up 1.90% so far this year.

The weakest sector was media - but it still managed to rise 0.24% in the seven days, taking its year-to-date return to 2.32%.

As with the first week of the year, all 11 of the broad industry sectors were in positive territory for the week.

With just two weeks completed, transportation is the best performing sector year to date at 2.88%.

Consumer cyclicals, meanwhile, are in last place with a 1.64% return.

Among the narrow sub-sectors making up the broader groups, textile and apparel - by far the worst performer in 2003 - was the winner, jumping 2.02% higher for a year-to-date return of 2.64%.

North American cable was the biggest loser, dropping 0.49%, cutting its return since Jan. 1 to 3.24%.

For the year so far, long distance is the top sub-sector at 6.04% after moving 1.02% higher in the week just gone.

All the sub-sectors are showing gains but the weakest is motion picture exhibition at 0.68%.

The index's yield to worst ended the week at 7.19%, down seven basis points from 7.26% the week before. The yield-to-worst spread widened 17 basis points to 449 basis points from 432 basis points.

The index ended the week to Jan. 16 with a market value of $508.14 billion in 1,654 issues, both up from $507.71 billion in 1,653 issues a week earlier.

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