* S&P 500 marks high for third straight day
* Dow set for fifth week of gains in a row
* Coca-Cola shares rise after CEO change
* Indexes up: Dow 0.45 pct, S&P 0.38 pct, Nasdaq 0.29 pct
(Updates to late afternoon)
By Lewis Krauskopf
Dec 9 Major U.S. stock indexes powered to
another day of fresh records on Friday as investors bid up
shares in sectors that have lagged in the month-long rally since
Donald Trump's presidential election.
The benchmark S&P 500 registered a record high for the third
straight session, while the Dow and Nasdaq also hit new highs.
The Dow was set to record a fifth straight week of gains.
Trump's expected agenda of economic stimulus and reduced
taxes and regulations has particularly fueled financial and
industrial shares. On Friday, sectors that have underperformed -
healthcare, consumer staples, utilities and tech - led the way.
"You have this post-election exuberance that has been
infecting every area of the market," said Peter Costa, president
of trading firm Empire Executions. "There was a rotation out of
tech stocks early on because the industrials were in favor. Now
the tech stocks are getting some legs under them as well."
The Dow Jones industrial average rose 88.29 points,
or 0.45 percent, to 19,703.1, the S&P 500 gained 8.49
points, or 0.38 percent, to 2,254.68 and the Nasdaq Composite
added 15.88 points, or 0.29 percent, to 5,433.24.
The S&P consumer staples sector rose 1.2 percent,
bolstered by Coca-Cola's 2.4-percent gain. The company
said Muhtar Kent would step down as chief executive and named
company veteran James Quincey as his successor.
Healthcare gained 1.1 percent, helped by
Bristol-Myers Squibb's 3.1-percent rise after the
drugmaker raised its dividend.
"Today we're seeing money going into some of the lesser
loved sectors since the election, which is telling me the rally
is broadening, which is a very positive sign," said Randy
Frederick, vice president of trading and derivatives for Charles
Schwab in Austin, Texas. It means there's still new money coming
in. People are worried about getting left behind at this point."
Financials, up 18 percent since the election, fell
back 0.2 percent.
"I think if you are a short-term trader, you may be looking
to take profits and you are starting to see a little bit of that
in financials," said Robert Pavlik, chief market strategist at
Boston Private Wealth.
As the market has climbed, investors have also pointed to a
recent run of encouraging economic data supporting equities.
On Friday, a preliminary survey from the University of
Michigan showed the U.S. consumer sentiment index at its highest
level since January 2015. U.S. wholesale inventories fell in
October amid a surge in sales, supporting views that inventory
investment would help economic growth in the fourth quarter.
The rally will be tested by next week's U.S. Federal Reserve
meeting. The U.S. central bank is widely expected to raise
interest rates, with market participants looking for clues about
the pace of future hikes.
Declining issues outnumbered advancing ones on the NYSE by a
1.17-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored advancers.
The S&P 500 posted 51 new 52-week highs and no new lows; the
Nasdaq Composite recorded 341 new highs and 15 new lows.
(Additional reporting by Sinead Carew in New York and
Yashaswini Swamynathan in Bengaluru; Editing by Nick Zieminski)