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Bear Stearns High Yield Index jumps 0.51%, back to year-to-date gain
New York, June 14 - The Bear Stearns High Yield Index jumped 0.51% higher in the week to June 10, putting it back in positive territory year to date with a 0.36% return.
The latest gain follows a small decline of 0.08% in the week ending June 3, a slippage that ended two weeks of strong gains.
All 11 industry sectors making up the index recorded gains in the seven days just completed.
The utility sector turned in the biggest gain, rising 0.97% in the week, cutting its year-to-date loss to 1.78%.
Energy - oil and gas was the weakest performer, edging up just 0.01% in the week although it is 1.42% higher for 2004 so far.
In the previous week transportation showed the biggest loss while consumer non-cyclicals had the biggest gain.
Basic materials remains the top performing sector since Jan. 1 with a 2.30% return after adding 0.49% in the week to June 10.
Transportation is still in last position with an 11.85% loss after rising 0.10% in the most recent week.
For the week just completed, the IPP component of utilities was the top performer among the sub-sectors making up the broader groups, jumping 1.46% higher and cutting its year-to-date loss to 2.03%.
In the other direction, alternative video providers fell 0.93% and are now down 4.98% for 2004 to date.
For the year so far, banking remains in the number one spot with a 15.92% return after moving 0.16% higher in the week just gone.
Airlines remains firmly in last position with a negative 24.81% return after slipping a further 0.06% in the most recent seven days.
The index's yield to worst ended the week at 8.38%, down 9 basis points from 8.47% a week earlier. The yield-to-worst spread narrowed 20 basis points to 448 basis points from 468 basis points.
The index ended the week to June 10 with a market value of $499.61 billion in 1,678 issues versus $498.39 billion in 1,684 issues a week earlier.
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