Stocks rise again to new records on sixth day of win streak

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 healthcare companies and makers of household goods.

Coca-Cola and Pfizer both gained 2.5%. 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%, to 19,756.85. The Standard & Poor’s 500 index rose 13.34 points, or 0.6%, to 2,259.53. The Nasdaq composite advanced 27.14 points, or 0.5%, to 5,444.50. The Russell 2000 index of smaller-company stocks edged up 1.71 points, or 0.1%, to 1,388.07.

The S&P 500’s six-day winning streak is its longest in 2½ years.

Among household goods companies, PepsiCo rose 1.4% 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 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, had been hit hard this week after President-elect Donald Trump said he wants to reduce drug prices. On Friday, Bristol-Myers Squibb climbed 3.3% to $57.04 and Botox maker Allergan rose 2% $192.25.

Overall, healthcare companies are nearly flat since Trump was elected Nov. 8.

Technology stocks rose for the sixth consecutive day and completed their best week in a year. They’ve slightly lagged behind the overall market since the election.

Chipmaker Broadcom jumped 4.9%, to $179.09 after reporting earnings that were far above expectations and doubling its quarterly dividend. Apple rose 1.6% to $113.95. Google parent Alphabet reversed its post-election losses and advanced 1.8% to $809.45.

U.S. government bond prices slipped again. The yield on the 10-year Treasury note inched up to 2.47%, its highest in about 18 months, from 2.41%. 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% since Nov. 9, twice as much as any other sector. The S&P 500 overall is up 3.1%. Banks are trading at their highest prices since early 2008.

Benchmark U.S. crude oil jumped 1.3% to $51.50 a barrel. Brent crude, the international standard, rose 0.8% to $54.33 a barrel.

Gold fell $10.50 to $1,161.90 an ounce. Silver fell 13 cents to $16.97 an ounce. Copper rose 2 cents to $2.65 per pound. Gold reached a 10-month low Friday, and that helped pull mining companies lower. Basic materials makers also struggled.

Wholesale gasoline was little changed at $1.51 a gallon. Heating oil rose 1 cent to $1.64 a gallon. Natural gas rose 5 cents to $3.75 per 1,000 cubic feet.

UPDATES:

2:30 p.m.: This article was updated with closing prices, context and analyst comments.

This article was originally published at 8 a.m.