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Bear Stearns index up 0.61% in most recent week, ahead 3.33% year to date
New York, April 19 - The Bear Stearns High Yield Index continued its upward course in the most recent week, adding 0.61% for a total return year to date of 3.33%.
The index has now risen in seven of the past eight weeks, the exception being two weeks ago when Adelphia Communications Corp.'s difficulties helped pull down the index to a 0.12% loss.
During the week to April 18, the index's yield to worst dropped 11 basis points to 11.57% from 11.68% a week earlier. The spread to worst came in six basis points to 704 basis points from 710 basis points.
In total, the index included 1,407 issues with a market value of $317.007 billion, both up from 1,404 issues with a market value of $315.013 billion seven days previous.
Of the index's 11 broad sectors, all except utilities rose in the week to April 18.
The best performer was telecommunications, which added 2.18%. While the rise cut its year-to-date loss to negative 13.57%, the sector is still by far the worst performer for 2002 through April 18.
The only other one of the 11 in negative territory on a year-to-date basis is utilities, which is down 1.11%. That sector was also the worst performer in the most recent week, declining 0.11% after being the best performer with a 2.77% rise the week before.
Year-to-date, the leading sector among the 11 is transportation, which added 0.06% in the most recent period for a 10.10% rise so far in 2002.
Among the narrow industry sub-sectors, the week's top performer was the tower component of telecommunications which gained 4.26%. This group is still in the red by 2.55% year-to-date, however.
The worst industry sub-sector was another telecommunications component, broadband and internet access, which dropped 6.75%. It has now lost 28.88% year to date, beaten only by long distance at negative 30.09% to the title of worst performer.
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