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A powerful technical rally in the high-yield market showed no signs of abating in October, as the market delivered its fifth consecutive month of returns of 1.2% or better. And following the resolution of the presidential election, the high-yield market appears to be advancing to a new peak for 2004.

According to Merrill Lynch, the average high-yield bond is currently at about 104 cents on the dollar. This year’s peak was on January 23 at 105.6 cents on the dollar and the highest aver

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