IBB iShares Biotechnology ETF

By Anora Mahmudova and Sara Sjolin, MarketWatch

Coca-Cola jumps after news CEO Muhtar Kent to resign in 2017

U.S. stocks extended gains to a fifth consecutive session Friday, with main benchmarks setting fresh intraday highs in early trade.

Reaction to a jump in the consumer-sentiment index (http://www.marketwatch.com/story/consumer-sentiment-soars-as-election-dust-settles-university-of-michigan-says-2016-12-09), which surged to 98.0 in early December was muted with the indexes holding to modest gains.

The S&P 500 index added 7 points, or 0.3%, to 2,253, with six of the 11 main sectors trading higher. Health-care stocks led the gains, while financials pulled back the most. The benchmark was looking at a 2.8% weekly gain.

The Dow Jones Industrials Average advanced 45 points, or 0.2%, to 19,663. Among the blue-chips, Coca-Cola Company(KO) and Prizer Inc.(PFE) were leading the gains, up more than 2%. Merck & Co., Inc.(MRK) was also up 1.41%.

Meanwhile, the Nasdaq Composite Index rose 30 points, or 0.6%, to 5,446, thanks to a rally in biotechnology stocks. The iShares Nasdaq Biotechnology ETF (IBB) was up 1.8%.

All three benchmarks were on track to post hefty weekly gains.

"The market is very close to our year-end target, but we are still surprised by how we got here," said Eric Wiegand, senior portfolio manager at the Private Client Reserve, U.S. Bank.

On Thursday, five major stock benchmarks, including Russell 2000 and the Dow Jones Transports finished in record territory. That was the first time in more than 18 years (http://www.marketwatch.com/story/stock-benchmarks-just-did-something-they-havent-done-in-nearly-20-years-2016-12-08) that they have all ended at all-time highs on the same day.

Read:This buying panic may last until Dow 20,000 (http://www.marketwatch.com/story/this-buying-panic-may-last-until-dow-20000-2016-12-08)

However, analysts have started to ask if the surge in stocks since the election on Nov. 8 is now looking a bit overdone.

See:This top market timer says stocks' 'Trump bump' won't last much longer (http://www.marketwatch.com/story/this-top-market-timer-says-stocks-trump-bump-wont-last-much-longer-2016-12-09)

"The Relative Strength Index hints at deepening overbought conditions in the U.S. stock markets, suggesting that the time for a correction could be approaching," said Ipek Ozkardeskaya, senior market analyst at London Capital Group, in emailed comments.

"Of course it is just a technical indicator, and we have seen that investors have proved to be very eager in stocks over the last couple of days," she added.

Economic news: Consumer sentiment jumped in early December as Americans equated Donald Trump's surprise victory with policies that would buoy economic growth.

Wholesale inventories for October are also due at 10 a.m. Eastern.

There are no Federal Reserve speakers on tap as the central bank has entered its "blackout" period ahead of its December 13-14 meeting.

Movers: Coca-Cola Company (KO) shares rallies 2.7% after announcing that Muhtar Kent would resign from his role as chief executive in May 2017 (http://www.marketwatch.com/story/coca-cola-ceo-muhtar-kent-to-step-down-2016-12-09), to be succeeded by James Quincey, the beverage company's president and operating chief.

Biotech stocks were among the top performers Friday. Biogen Inc.(BIIB) was up 5.4%, Allergan plc(AGN) was up 3.2%.

Shares of Restoration Hardware Holdings Inc.(RH) plunged 19% after the home-goods retailer late Thursday lowered its outlook (http://www.marketwatch.com/story/restoration-hardware-shares-plunge-as-company-warns-of-slower-holiday-sales-2016-12-08) for the fourth quarter on slower holiday sales.

Vail Resorts Inc.(MTN) shares were modestly higher despite the ski resort reporting earnings below expectations.

Homebilder stocks were among the top decliners in the S&P 500. Lennar Corp(LEN) and D.R. Horton, Inc.(DHI) shares were down more 2.5%.

Other markets: Oil prices moved firmly higher as traders looked ahead to Saturday's meeting between OPEC and non-OPEC oil producers (http://www.marketwatch.com/story/oil-futures-jump-ahead-of-non-opec-weekend-meeting-2016-12-09).

Asian markets (http://www.marketwatch.com/story/asian-markets-mostly-gain-shaking-off-ecb-easing-2016-12-08) closed mixed, while European stocks traded mostly higher (http://www.marketwatch.com/story/european-stocks-cling-to-11-month-high-as-bank-shares-take-a-breather-2016-12-09).

Gold prices slipped, and the dollar firmed against other major currencies, with the ICE Dollar index up 0.4%.

(END) Dow Jones Newswires

December 09, 2016 11:07 ET (16:07 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.