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Bear Stearns High Yield Index returns 0.11% on week to March 10, now 1.43% year to date
By Paul A. Harris
St. Louis, March 11 - The Bear Stearns High Yield Index returned 0.11% during the week to March 10 and has now returned 1.43% thus far into 2005.
The advance follows the previous week's 0.09% gain. The index has now reported gains in 31 of the past 39 weeks.
Nine of the 11 industry sectors that make up the index posted positive returns for the week to March 10.
The transportation sector gained the most ground during the week to March 10, posting a 0.46% weekly return, trimming its year-to-date losses to negative 4.47%. Its airlines component led the advance, gaining 0.89% on the week to lead all sub-sectors in the index, cutting into its year-to-date losses to end the period at negative 14.57% in 2005.
The consumer cyclical sector performed worst among the industry sectors, giving up 0.10% on the week to end 0.87% in the black year to date. The manufacturing related component gave up the most ground, losing 0.47% on the week and ending at negative 1.71% year to date.
Other consumer cyclical sub-sectors posting losses on the week were home builders at negative 0.33% on the week to March 10, which cut its year-to-date gains to 1.39%, and retailers at negative 0.38%, reducing its year-to-date gains to 1.45%.
The telecommunication sector continues to outperform all others in the index, ending the period with a 2.81% year-to-date return, having picked up 0.11% during the week to March 10. Its cellular component remains far out in front of all sub-sectors, having returned 6.55% thus far into 2005. However, cellular ended the week with a negative 0.24% return.
The index ended with a 7.03% yield to worst, unchanged on the week.
The yield-to-worst spread ended the period eight basis points tighter at 299.
The index ended the week to March 10 with a market value of $562.73 billion, compared to the previous week's $558.75 billion. The number of issues increased by eight to 1,760.
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