What goes up keeps going up
Record-setting stock streak hits sixth day of broad gains
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. CocaCola 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 two and a half 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 CEO 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 CEO.
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.
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.
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.