NEW YORK -- U.S. stocks rose for the sixth day in a row Friday as major indexes continued to set records. The biggest gains went to companies that have been mostly left out of the postelection rally, including health care companies and makers of household goods.
Stocks were solidly higher throughout the day and jumped an hour before the close of trading. Coca-Cola and Pfizer both gained 2.5 percent. Investors have mostly avoided consumer goods makers and health companies in recent weeks. Instead they've bought banks and machinery companies, which could benefit more from a faster-growing economy.
"What we're seeing today is investors who are fearful they'll be left behind," said Kate Warne, investment strategist for Edward Jones. "So it may not be surprising that they're buying less aggressive stocks and sectors."
The Dow Jones industrial average climbed 142.04 points, or 0.7 percent, to 19,756.85. The Standard & Poor's 500 index rose 13.34 points, or 0.6 percent, to 2,259.53. The Nasdaq composite gained 27.14 points, or 0.5 percent, to 5,444.50. The Russell 2000 index of smaller-company stocks edged up 1.71 points, or 0.1 percent, to 1,388.07.
The S&P 500's six-day winning streak is its longest in 2 1/2 years.
Among household goods companies, PepsiCo gained $1.42, or 1.4 percent, to $103.57. Energy drink maker Monster Beverage also rose, as did drugstore chains CVS and Walgreens.
Coca-Cola climbed as investors reacted positively to the company's chief executive officer transition plans. Coke said Muhtar Kent will give up his CEO title in May, and Chief Operating Officer James Quincey, a 20-year veteran of the company, will become chief executive.
Drug companies bounced back from their recent losses. Those stocks, especially biotechnology companies, were hit hard this week after President-elect Donald Trump said he wants to reduce drug prices. Bristol-Myers Squibb gained $1.81, or 3.3 percent, to $57.04 and Botox maker Allergan rose $3.78, or 2 percent, to $192.25.
Overall, health care companies are nearly flat since Nov. 8.
Technology stocks rose for the sixth consecutive day and completed their best week in a year. They've slightly lagged the market since Election Day. Apple gained $1.83, or 1.6 percent, to $113.95. Google parent Alphabet reversed its post-election losses and picked up $14.28, or 1.8 percent, to $809.45.
U.S. government bond prices slipped again. The yield on the 10-year Treasury note inched up to 2.47 percent, its highest in about 18 months, from 2.41 percent late Thursday. That yield is used to set interest rates on many kinds of loans including mortgages.
Banks made small gains. The S&P 500 financial index has climbed 18.5 percent since Nov. 9, twice as much as any other sector. The S&P 500 overall is up 3.1 percent. Banks are trading at their highest prices since early 2008.
Benchmark U.S. crude oil jumped 66 cents, or 1.3 percent, to $51.50 a barrel in New York.
Gold lost $10.50 to $1,161.90 an ounce. Silver fell 13 cents to $16.97 an ounce. Copper picked up 2 cents to $2.65 per pound. Gold reached a 10-month low Friday, and that helped pull mining companies lower.
Business on 12/10/2016