Bear Stearns High Yield Index gains 0.79%, year-to-date return now 7.69%

New York, Oct. 29 - The Bear Stearns High Yield Index jumped 0.79% higher in the week to Oct. 28, pushing the year-to-date return up to 7.69%.

The previous week the index was unchanged, but it has now reported gains for 17 of the past 20 weeks.

All 11 of the industry sectors making up the index showed positive returns in the week.

Transportation led the way, soaring 7.56% on a 20.95% gain in its airlines component, which made that the strongest sub-sector.

However, transportation remains the worst performing sector so far in 2004 with an 8.98% loss, while airlines is the bottom ranked sub-sector with a 25.70% loss.

Capital goods manufacturing showed the smallest gain of the 11 sectors, adding 0.48% in the seven days, lifting its gain since Jan. 1 to 7.16%.

Meanwhile, metals and "other consumer cyclical" tied for last place among the sub-sectors, both ending unchanged on the week.

Basic materials is the top sector for 2004 to date with an 11.39% total return after adding 0.91% in the week just completed.

Textile and apparel remains the number one sub-sector at 23.83% after moving higher 0.62%.

The index's yield to worst ended the week at 7.23%, 19 basis points lower than the previous week's 7.42%. The yield-to-worst spread was 393 basis points, 24 basis points narrower on the week.

The index ended the week to Oct. 28 with a market value of $536.86 billion in 1,703 issues, more value and more issues than $531.59 billion and 1,699 the week before.

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