Stock streak hits 6th day as in­vest­ment di­ver­si­fies

Health­care com­pa­nies, mak­ers of house­hold goods ben­e­fit from lat­est rally

The Denver Post - - BUSINESS - By Mar­ley Jay

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.

“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 ½ 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.

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.

Tech­nol­ogy stocks rose for the sixth con­sec­u­tive day and com­pleted their best week in a year.

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.

Gold lost $10.50 to $1,161.90 an ounce.

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