US Stocks Rise for 6th Day in a Row

NEW YORK (AP) -- U.S. stocks are rising for the sixth day in a row Friday as major indexes continue to set records. The largest gains are going to industries that have been mostly left out of the post-election rally, including health care companies and makers of household goods. Banks, which have led that surge, are slipping.

KEEPING SCORE: The Dow Jones industrial average added 70 points, or 0.4 percent, to 19,685 as of 1 p.m. Eastern time. The Standard & Poor's 500 index rose 7 points, or 0.3 percent, to 2,253. The Nasdaq composite gained 19 points, or 0.4 percent, to 5,436. The Russell 2000 index of smaller-company stocks was unchanged at 1,386.

Major indexes are on pace for their biggest weekly gains since the presidential election.

HEALTH CARE HOPPING: Drug companies bounced back. Biotechnology companies were hit hard this week after President-elect Donald Trump said he wants to reduce drug prices, but they have now recovered those losses. Pfizer added 79 cents, or 2.6 percent, to $31.73 and Botox maker Allergan rose $3.62, or 1.9 percent, to $192.09 while Pfizer added 86 cents, or 2.8 percent, to $31.80. Biogen jumped $10.67, or 3.7 percent, to $300.21 after it reported trial data for an experimental Alzheimer's disease drug.

TECH CLIMBING: Technology stocks rose for the sixth consecutive day. They are still slightly lagging the market since last month's presidential election. Chipmaker Broadcom rose $8.46, or 5 percent, to $179.17 after reporting earnings that were far above expectations. The company also doubled its quarterly dividend. Apple gained $1.97, or 1.8 percent, to $114.09. The tech giant also hasn't done much since the election. Google parent Alphabet, which has traded lower over the last month, picked up $10.26, or 1.3 percent, to $805.43.

GET SOME REFRESHMENTS: Coca-Cola climbed as investors were pleased with the company's CEO transition plans. Coke said Muhtar Kent, 64, will step down in May after eight years as CEO. He will remain chairman of the board. Chief Operating Officer James Quincey, who has worked at the company for 20 years, will become CEO. The company's stock gained $1.17, or 2.9 percent, to $42.15.

Other consumer goods makers also climbed. PepsiCo gained $1.47, or 1.4 percent, to $103.62. Energy drink maker Monster Beverage also rose, as did drugstore chains CVS and Walgreens. The household goods sector is down about 2 percent since the election. Only those companies and utilities have fallen since Nov. 9. Health care companies are nearly flat.

BONDS: U.S. government bond prices slipped again. The yield on the 10-year Treasury note inched up to 2.46 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, something it hasn't done since last December. Wall Street will look for clues about the Fed's intentions about future rate increases.

BANKS: Financial companies headed for a rare loss. Financial services firm T. Rowe Price gave up $1.32, or 1.7 percent, to $77.29 and insurer Aflac shed $1.01, or 1.5 percent, to $68.61. The S&P 500 financial index has climbed 18 percent since the election. That's twice as much as any other sector, and the S&P 500 overall is up 2.8 percent. Banks are trading at their highest prices since early 2008.

MATERIALS SLIPPING: Newmont Mining lost 89 cents, or 2.6 percent, to $32.98 as the price of gold reached a 10-month low. Other basic materials makers slipped after post-election gains. Dutch chemicals company LyondellBassell Industries gave up $1.48, or 1.6 percent, to $89.06 and steel maker Nucor slid $1.41, or 2.1 percent, to $65.

ENERGY: Benchmark U.S. crude oil jumped 64 cents, or 1.3 percent, to $51.48 a barrel in New York. Brent crude, the international standard, added 32 cents to $54.21 a barrel in London.

HARD TIMES: Furniture and housewares company Restoration Hardware tumbled after its fourth-quarter forecast was far weaker than analysts expected. The company said consumers spent less because of the election and it shipped its catalogues later than planned. Sales of its holiday collection have also been disappointing. The stock lost $5.75, or 14.7 percent, to $33.24 It's down 58 percent this year.

CURRENCIES: The dollar rose to 115.31 yen from 114.20 yen. The euro fell to $1.05410 from $1.0603.

OVERSEAS: The CAC 40 in France rose 0.6 percent and the British FTSE 100 added 0.3 percent. Germany's DAX gained 0.2 percent. Japan's Nikkei 225 gained 1.2 percent as the yen weakened against the dollar. Hong Kong's Hang Seng index fell 0.4 percent.

South Korea's Kospi index slid 0.3 percent after legislators voted to impeach President Park Geun-hye over a corruption scandal. She has denied allegations she colluded with a confidante who extorted companies and manipulated state affairs. South Korea's prime minister will lead the country until a high court rules if Park must resign.

(KA)