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Bear Stearns High Yield Index up for third week, rising 0.26%
New York, Sept. 6 - The Bear Stearns High Yield Index rose for a third straight week, adding 0.26% in the seven days to Sept. 5.
That gain, which cuts the year-to-date loss to 5.82%, follows a 1.28% return the week before and 2.15% the week before that.
On a weekly basis, the index's year-to-date return had been down as much as 9.20% on Aug. 16.
Seven of the 11 sectors making up the index rose in the most recent week, led by media which climbed 1.23% although the group is still down 12.67% year to date.
For 2002 so far, the top performer continues to be consumer cyclicals which are ahead 7.66% after adding 0.64% in the most recent week.
Of the four losing sectors, transportation, the previous week's best performer, was worst, dropping 1.71% and extending its year-to-date loss to 11.36%.
However the biggest decline year-to-date continues to be in telecommunications which is down 45.42% after dropping 1.02% in the week just completed.
Among the narrow sub-sectors, international cable was the week's top industry, gaining 3.83% although it is still down 48.20% since Jan. 1.
Year to date, the best performer remains diversified programmers, up 33.62% after rising 0.26% in the most recent week.
On the downside, broadband access and internet services was the week's worst sub-sector, dropping 9.78% and dragging its year-to-date return loss down to 49.64%.
However the biggest loss so far this year continues to be in long distance, which is down 72.89% after a 0.41% rise in the week just completed.
For the week, the index's yield to worst dropped five basis points to 13.64% from 13.69% seven days earlier. The yield-to-worst spread widened 22 basis points, remaining above 1,000 basis points at 1,052 basis points compared to 1,030 basis points the week before.
Overall the index ended with a market value of $313.460 billion in 1,449 issues, more value and the same number of issues as $312.993 billion in 1,449 issues a week earlier.
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