Bear Stearns High Yield Index up 0.38% in week, now 1.99% higher year to date

New York, March 12 - The Bear Stearns High Yield Index gained 0.38% in the week to March 11, marking two consecutive weeks of solid gains.

The index was up 0.42% the week before and has had an uneven ride before than, losing 0.29% the week before, showing a marginal decline of 0.01% the week before that, rising 0.83% before that and then recording two weeks of sharp losses.

For the year so far, the index is now up 1.99%.

Ten out of the 11 industry sectors making up the index showed gains in the most recent week.

Consumer cyclicals led the rise with a 0.68% gain in the week, bringing its year-to-date return to 2.97%.

In the other direction, transportation was the only sector in the red for the seven days, dropping 0.56% and cutting its year-to-date performance to 0.04%. The previous week it had shown the smallest gain, moving 0.10% higher.

Finance remains the winner for the year so far with a 3.83% total return after moving 0.46% higher in the seven days just completed.

Telecommunications is still in last place and remains the only one of the 11 sectors under water. After rising 0.16% in the week to March 11 it is now 0.17% lower so far this year.

Among the narrow sub-sectors making up the broader groups, recreational services - a component of consumer cyclicals - was the biggest gainer, shooting 1.79% higher for a year-to-date return of 1.07%.

Long distance had the biggest loss, dropping 1.31% in the seven days, cutting its gain since Jan. 1 to 1.55%.

"Other consumer non-cyclicals" continues to hold the top spot for the year so far with a 6.97% return after adding 0.14% in the week just completed.

The satellite component of telecommunications is still at the bottom with a 3.26% loss despite edging up 0.02% in the most recent week.

The index's yield to worst ended the week at 7.44%, down eight basis points from 7.52% the week before. The yield-to-worst spread widened 18 basis points to 486 basis points from 468 basis points.

The index ended the week to March 11 with a market value of $505.37 billion in 1,667 issues, slightly more value and more issues than $505.33 billion in 1,662 issues a week earlier.

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