Bear Stearns High Yield Index drops 0.42% in week, breaking run of gains, now up 2.62% year to date

New York, July 30 - The Bear Stearns High Yield Index ended a long winning streak with a loss of 0.42% in the week to July 29.

The index had previously showed positive returns for seven consecutive weeks, pulling it back up to its highest levels of the year so far from a slump in May.

But despite the latest loss the index is still up 2.62% so far this year.

All 11 industry sectors making up the index showed losses in the most recent week.

Transportation led the way lower, dropping 2.54% in the week, largely due to a 5.82% plunge in its airlines component. Airlines were the worst performer among the sub-sectors.

Transportation is now down 6.84% since Jan. 1, putting it firmly in last place among the sectors. Similarly, airlines are down 28.58%, far and away the biggest loss.

Finance had the week's best performance but still lost 0.11%. It is now up 3.93% for 2004 so far.

Basic materials remains in first place on a year-to-date basis with a 5.22% return after losing 0.52% in the week just completed.

The week's best performing sub-sector was the regulated component of utilities, which added 0.41%, boosting its year-to-date total return to 4.39%.

However textile and apparel is still the leading sub-sector for the year so far with an 18.61% return after moving 0.37% higher in the seven days just gone.

The index's yield to worst ended the week at 8.10%, up 16 basis points from 7.94% a week earlier. The yield-to-worst spread widened 6 basis points to 439 basis points from 433 basis points.

The index ended the week to July 29 with a market value of $507.58 billion in 1,680 issues, both down from $510.24 billion in 1,683 issues a week earlier.

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