Bear Stearns High Yield Index resumes gains, rising 0.23% in week, now 2.85% higher year to date

New York, Aug. 6 - The Bear Stearns High Yield Index returned to winning form after a one week decline ended a long upward run.

The index gained 0.23% in the week to Aug. 5 pushing its year-to-date return up to 2.85%.

For the previous week, the index had declined 0.42% after rising for seven consecutive weeks, a string of gains that had pushed it back up to its highest levels of the year so far from a slump in May.

Nine out of the 11 industry sectors making up the index recorded positive returns in the most recent week.

The utility sector led the way higher, adding 0.68% in the week and boosting its return for 2004 so far to 2.15%.

But basic materials still has the best performance since Jan. 1 with a 5.83% total return after adding 0.58% in the week just completed.

Transportation was the biggest loser - again - plunging 2.56% on dramatic weakness on its airlines component, which plummeted 6.89%. Transportation is now down 15.63% for the year so far, the worst of any of the 11 industry sectors, while airlines are off 33.50%, by far the weakest of any of the sub-sectors.

Among the sub-sectors making up the broader 11 groups, the largest gainer was the integrated component of utilities, which added 1.36%, putting its 2004 return at 3.40%.

Textile and apparel remains in the number one position year to date with a 19.36% gain after adding 0.64% in the most recent week.

The index's yield to worst ended the week at 8.07%, down three basis points from 8.10% a week earlier. The yield-to-worst spread widened 10 basis points to 449 basis points from 439 basis points.

The index ended the week to Aug. 5 with a market value of $515.60 billion in 1,690 issues, both up from $507.58 billion in 1,680 issues a week earlier.

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