Dow average closes in on 20,000
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 post-election 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 to 19,756.85.
The Standard & Poor’s 500 index’s six-day winning streak is its longest in 2½ years.
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.
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.
Next week the Federal Reserve will meet for the last time in 2016. Investors expect the central bank to raise its key interest rate, and Wall Street will look for clues about the Fed’s plans for future interest rates.
“They’re hoping that the Fed continues with the current message: that they’ll be patient, that they’re watching the economy and that they see the risks as balanced,” Warne said.
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.