Bear Stearns High Yield Index gains 0.36%, up 0.73% year to date

New York, June 18 - The Bear Stearns High Yield Index rose for a second week, adding 0.36% for the seven days to June 17.

The gain came after a 0.51% rise the week before, a small decline of 0.08% in the week ending June 3, and two weeks of strong gains before that.

The index is now 0.73% higher for 2004 so far.

For a second week all 11 industry sectors making up the index recorded gains.

Also for a second week, the utility sector recorded the strongest performance, moving up 0.70% and reducing its year-to-date loss to 1.10%.

Media was the weakest performer, edging up just 0.01%. It is now down 0.09% since Jan. 1. Energy - oil and gas had shown the smallest gain the week before.

Basic materials is still the top performing sector so far this year with a 2.63% return after adding 0.33% in the week to June 17.

Transportation remains in last position with an 11.64% loss after adding 0.24% in the most recent week.

CLECs and other local carriers was the top performer among the sub-sectors making up the broader groups, surging 1.72% and cutting its loss so far this year to 3.76%.

Meanwhile outdoor advertising showed the largest loss, dropping 0.70% in the week for a year-to-date return of negative 2.28%.

Banking is still number one for the year so far with a 15.18% total return despite shedding 0.64% in the most recent days.

Similarly, airlines remains in last place with a 24.66% loss despite adding 0.20% in the week.

The index's yield to worst ended the week at 8.33%, down 5 basis points from 8.38% a week earlier. The yield-to-worst spread widened 1 basis point to 449 basis points from 448 basis points.

The index ended the week to June 17 with a market value of $500.08 billion in 1,682 issues, both up from $499.61 billion in 1,678 issues a week earlier.

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