Texarkana Gazette

FINANCIAL MARKETS

-

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. 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.

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 two and a half 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. BristolMye­rs 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. Chipmaker Broadcom rose $8.38, or 4.9 percent, to $179.09 after reporting earnings that were far above expectatio­ns. The company also doubled its quarterly dividend. 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.

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. Benchmark U.S. crude oil jumped 66 cents, or 1.3 percent, to $51.50 a barrel in New York. Brent crude, the internatio­nal standard, added 44 cents to $54.33 a barrel in London.

In other energy trading, wholesale gasoline was little changed at $1.51 a gallon. Heating oil picked up 1 cent to $1.64 a gallon. Natural gas gained 5 cents, or 1.4 percent, to $3.75.

Newspapers in English

Newspapers from United States