Bear Stearns High Yield Index up 0.25% in seventh weekly gain, now 3.06% higher year to date

New York, July 23 - The Bear Stearns High Yield Index stretched its run of gains to seven weeks with a 0.25% return for the seven days to July 22.

The index is now 3.06% higher so far this year, pushing its weekly performance figure to a new high for the year and confirming the recovery from the slump in May that took the index into negative territory.

For the week, nine out of the 11 industry sectors making up the index were in positive territory.

Finance took the yellow jersey with a 0.50% gain, pushing its year-to-date return to 4.04%.

Basic materials, the number one sector the previous week, remains in first place for the year so far with a 5.77% total return.

Media showed the biggest loss in the week, dropping 0.15% and cutting its rise since Jan. 1 to 0.68%.

Transportation remains solidly in last place for 2004 so far with an 11.15% loss despite adding 0.24% in the week just completed.

Insurance was top among the narrow sub-sectors making up the broader groups with a 1.01% return in the most recent week, fattening its year-to-date return to 4.91%.

Textile and apparel is still the leading sub-sector since Jan. 1 with an 18.17% return despite edging up only 0.04% in the week just completed.

Recreational services showed the biggest loss, plunging 2.51%, enough to plunge its year-to-date return into negative territory at -1.92%.

Airlines is still by far the worst performer for the year so far with a 24.17% loss after moving 0.21% higher in the most recent week.

The index's yield to worst ended the week at 7.94%, down 2 basis points from 7.96% a week earlier. The yield-to-worst spread narrowed 3 basis points to 433 basis points from 436 basis points.

The index ended the week to July 22 with a market value of $510.24 billion in 1,683 issues, both up from $505.90 billion in 1,682 issues a week earlier.

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