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Bear Stearns High Yield Index up 0.06% in week, now up 2.14% year to date
New York, April 13 - The Bear Stearns High Yield Index edged slightly higher in the week to April 8, gaining 0.06% after many weeks of up and down moves.
The measure had gained 0.44% the previous week after two weeks of declines, two up weeks before that and several more weeks up and down before that.
The index is now up 2.14% so far this year.
For the week, five of the 11 industry sectors making up the index recorded gains while six were under water.
Telecommunications led the gains in the most recent week with a 0.81% rise, cutting its year-to-date loss to 0.83%. The week before, it had shown the largest drop.
Transportation, the previous week's winner, showed the biggest loss in the seven days, dropping 0.12% and extending its loss since Jan. 1 to 2.00%. That performance kept it in last place for 2004 so far.
Finance remains the number-one sector year to date with a 4.87% total return after moving 0.40% higher in the week to April 8.
Among the sub-sectors into which the broader industry groups are divided, textile and apparel moved into the number-one year-to-date spot after surging 2.24% in the week just completed. The sector is now up 7.99% so far this year, beating out the previous top sub-sector, other consumer non-cyclicals.
Insurance had the biggest decline, losing 0.94% although it is still up 4.69% since Jan. 1.
Airlines moved into last place on a year-to-date basis at negative 5.59%, beating long distance to the bottom spot thanks to a 0.07% loss in the week to April 8.
The index's yield to worst ended the week at 7.58%, down seven basis points from 7.65% the week before. The yield-to-worst spread shrank 27 basis points to 454 basis points from 481 basis points.
The index ended the week to April 8 with a market value of $508.37 billion in 1,679 issues, both up from $504.37 billion in 1,666 issues a week earlier.
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