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Bear Stearns High Yield Index gains 0.41% in week to March 23, now up 2.73% year to date
By Paul A. Harris
St. Louis, March 24 - The Bear Stearns High Yield Index gained 0.41% during the week to March 23, advancing its year-to-date return to 2.73%.
The move follows the previous week's 0.49% gain.
The index has now reported gains in 61 of the past 93 weeks.
For the most recent week, the index's yield-to-worst spread tightened by 18 basis points to 347 bps. The yield to worst tightened by 26 basis points to 8.21%.
Ten of the 11 industry sectors comprising the index posted gains during the most recent week.
The transportation sector, which represents only 0.75% of the index composite, provided the week's highest return at 0.90%, advancing its year-to-date return to 4.73%, the best year-to-date performance of all sectors in the index.
Transportation's airlines component, making up only 0.08% of the composite, returned 3.23% on the week to March 23, the highest return on the week among all index subsectors.
Airlines ended the period with a 16.52% year-to-date return, more than double that of its nearest competitor, the telecommunications sector's long distance component, which represents 0.53% of the index composite and ended the most recent week with a 7.62% year-to-date return. Long distance gained 1.75% during the week to March 23, second in terms of weekly returns only to airlines' 3.23%.
The only industry sector to post a loss on the week was finance, which dropped 0.58%, shaving its year-to-date return to 1.16%. Finance was hauled down by its insurance component, which gave up just over two full percentage points on the week sending its year-to-date return into the red at negative 0.04%.
The market value of the index ended the week at $574.07 billion, up from the previous week's $571.89 billion. The number of issues decreased by one to 1,681 issues.
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