Bear Stearns index adds 0.33% in most recent week, up 2.12% year to date

New York, March 22 - The Bear Stearns High Yield Index continued its recent winning streak, adding 0.33% in the most recent week to take the year-to-date return to 2.12%.

With the latest addition, the index has now risen for four straight weeks, following four consecutive weeks of declines before that.

Utilities, which make up 5.18% of the index, led the rise with a 3.57% total return in the week to March 21 although they are still down 4.18% year to date.

With the latest gain, the overall index's yield to worst fell 12 basis points to 11.86% from 11.98% the week before. The spread to worst narrowed 17 basis points to 708 basis points from 725 basis points.

Overall the index included 1,406 issues with a market value of $313.673 billion compared to 1,417 issues with a total market value of $316.372 billion the week before.

While the total index rose, three of its 11 component sectors declined. As mentioned, utilities were the biggest gainer. But telecommunications, the previous week's top performer moved into bottom place with a 0.91% decline.

On a year-to-date basis, the top sector continues to be transportation. Its 0.62% return in the most recent week took the year-to-date performance to 10.45%, almost double the number-two sector, consumer cyclicals.

As well as being worst in the most recent week, telecommunications continues to be worst year to date with a total return of negative 13.70% through March 21.

Among the narrow sub-sectors, there was a tie for first place. Both automobile manufacturing related and satellites returned 1.86% in the week (utilities has no component sectors).

Year-to-date, satellites remain on top with a return of 17.35%.

Moving downwards, the worst performer in the most recent week was international cable, down 5.92%.

Year-to-date, the bottom grouping is long distance, which dropped another 0.24% for a loss for 2002 through March 21 of 33.08%.

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