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Bear Stearns High Yield Index up again, rises 0.56% in week, now 3.63% better year to date
New York, Aug. 20 - The Bear Stearns High Yield Index rose for a third straight week in the seven days to Aug. 19, adding 0.56% and pushing its year-to-date return to 3.63%.
For 10 of the past 11 weeks, the index has shown positive total returns.
In the previous week the index gained 0.20% and 0.23% the week before that.
Ten out of the 11 industry sectors making up the index recorded gains in the week just completed.
Transportation was the top performer, shooting 2.18% higher on a 6.07% gain on its airlines component.
Transportation was the biggest loser among the 11 sectors the week before while airlines had the largest drop among the sub-sectors.
Despite the rebound in the week to Aug. 19, both remain by far the worst performers year to date with transportation down 8.69% and airlines 30.53% lower.
Finance was the only broad sector to show a negative return in the week, dropping 0.64%. It is now up 3.48% so far in 2004.
Its "other finance" component was the worst performing sub-sector, dropping 1.10% although it is still ahead 2.32% since Jan. 1.
Basic materials remains the strongest sector for the year so far with a 6.46% return after adding 0.44% in the week just gone.
Textile and apparel remains the top performing sub-sector with a 20.12% return. It gained 0.47% in the most recent week.
The index's yield to worst ended the week at 7.88%, down 12 basis points from 8.00% a week earlier. The yield-to-worst spread narrowed four basis points to 453 basis points from 457 basis points.
The index ended the week to Aug. 19 with a market value of $518.95 billion in 1,695 issues, both up from $515.73 billion in 1,687 issues a week earlier.
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