Bear Stearns index ends four weeks of losses, rises 0.17% cutting year-to-date loss to 0.70%

New York, March 1 - The Bear Stearns High Yield Index rose 0.17% in the week to Feb. 28, ending four straight weeks of declines including a 0.56% drop the week before. However the measure is still in negative territory year to date, with a return of negative 0.70%.

The small rebound reduced the index's yield to worst by 11 basis points to 12.59% from 12.70% the week before. The spread to worst shrank nine basis points to 838 basis points from 847 seven days earlier.

Overall the index included 1,420 issues with a market value of $307.947 billion compared to 1,411 issues valued at $306.447 billion a week earlier.

Nine of the 11 broad sectors into which Bear Stearns divides the index rose in the most recent week, led by a 1.15% gain in energy, taking its year-to-date figure to 1.91%.

The previous week's top performer, transportation, was actually one of the two losing sectors in the week to Feb. 28, slipping 0.09% for a year-to-date return of 4.73%. But despite that decline, transportation remains the top performing sector for the year through Feb. 28.

The other decliner was telecommunications, which lost a further 2.08% for a year-to-date decline of 19.21%, making it decisively the worst performing sector so far this year.

Among the narrow sub-sectors, the diversified component of capital goods-manufacturing was by far the biggest gainer, adding 11.49% in the week. (As a comparison, the second-best sector, convenience and drug retailers, rose 4.62%)

That rise gave the diversified group a year-to-date performance of 14.61%, putting it ahead of the previous leader, satellites, which is now up 14.44% so far in 2002.

However insurers added 2.19% in the most recent week for an index-best year-to-date return of 14.85%.

Moving down, broadband access and internet services was the weakest narrow sub-sector, losing 10.14% in the week for a year-to-date return of negative 29.86%.

However, fellow telecommunications component long distance remains in last place year to date, with a return of negative 37.80% after losing a further 5.29% in the most recent week.

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