Bear Stearns High Yield Index up 3.37% in January, led by technology, utilities

New York, Feb. 4 - The Bear Stearns High Yield Index gained 3.37% in January led by strong gains in technology and the utility sector.

The month's total return was "well above" the average historical figure for January of 1.88%, according to Bear Stearns & Co. analyst Michael Taylor.

The best performance, Taylor noted in his report on the month's performance, was 6.9% in 2001 while the worst was a loss of 3.0% in 1990.

Best performing among the 11 industry sectors making up the Bear Stearns index was technology with a gain of 11.49% for the month.

Close behind was the utility sector at 10.13%.

Only two sectors showed negative returns in January. Transportation was the worst performer with a loss of 3.15% while finance slipped 0.90%.

Among narrow sub-sectors, broadband access and internet services came in first, returning 19.70% in the month. (Technology is not sub-divided.)

Meanwhile transportation's airlines component took last place with a loss of 5.18%.

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