IBB iShares Biotechnology ETF

By Sue Chang and Anora Mahmudova, MarketWatch

If S&P 500 ends higher, it will mark the longest win streak since June 2014

U.S. stocks extended their winning streak Friday, with main benchmarks on track for record closing levels, as health care and consumer staples sectors pace broader market gains.

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. Investors focused on sectors that have lagged behind the broader market rally since the U.S. election, driving health care stocks higher while financials, which had been among the best performers over the past month, are down.

If the large-cap index finishes higher Friday, it will mark its sixth straight session of gains, something that has not happened since June 2014.

The Dow Jones Industrial Average advanced 70 points, or 0.4%, to 19,684. Among the blue-chips, Coca-Cola Company(KO) and Prizer Inc.(PFE) were the leaders.

The Nasdaq Composite Index rose 16 points, or 0.3%, to 5,433, thanks to a rally in biotechnology stocks. The iShares Nasdaq Biotechnology ETF (IBB) was up 0.8%.

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 indexes, 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.

Read:Behold, the 'most frightening chart' that Albert Edwards wants investors to see (http://www.marketwatch.com/story/this-is-the-most-frightening-chart-that-albert-edwards-wants-investors-to-see-2016-12-08)

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

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 shares rose 2.8% 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.

Broadcom Ltd.(AVGO) rallied 4.8% after the chip company reported strong adjusted earnings (http://www.marketwatch.com/story/broadcom-shares-gain-on-stronger-than-expected-earnings-dividend-hike-2016-12-08) and declared an interim dividend.

Shares of Restoration Hardware Holdings Inc.(RH) plunged 16% 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.

Home builder stocks were among the top decliners in the S&P 500. Lennar Corp(LEN) and D.R. Horton, Inc.(DHI) shares were down about 3%.

Shares of Sky PLC(SKY.LN) soared 27% after 21st Century Fox Inc.(FOX) (FOX) reached a preliminary deal to buy the rest of Sky that it doesn't already own (http://www.marketwatch.com/story/fox-strikes-preliminary-deal-to-buy-rest-of-sky-for-1075-a-share-2016-12-09). Fox is Sky's largest shareholder with a 39% stake. News Corp, which owns Dow Jones & Co., publisher of MarketWatch and The Wall Street Journal, and 21st Century Fox were part of the same company until 2013.

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 fell, and the dollar firmed against other major currencies, with the ICE Dollar index up 0.6%.

--Sara Sjolin contributed to this article.

(END) Dow Jones Newswires

December 09, 2016 13:13 ET (18:13 GMT)

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