The high-yield bond market has made a partial recovery, at best. Though some companies can again tap the market for new capital, junk bonds issued before the September correction continue to trade at a discount.

"The market is weaker than it was a week or two ago," said Steven A. Ruggiero, head of Chase Securities Inc.'s high-yield research. "I think that a lot of money went into the market very fast in November. We probably absorbed a lot of marginal demand, and now people are running out of cash."

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