The market wrapped the week on a positive note, ahead of a week likely to be dominated by the Federal Open Market Committee's two-day policy meeting.
That meeting ends with a policy announcement Wednesday afternoon that's expected to include an increase in interest rates.
The Nasdaq pushed its rally to six days, ending the session up 0.5% and with a 3.5% gain for the week. The S&P 500 also added a sixth up day, rising 0.6% Friday for a 3% weekly gain. The Dow ticked up 0.7%, notching a 3% weekly gain. All three indexes ended the week at fresh highs. Volume was lower, according to preliminary figures.
Small caps have rallied in four of the past five weeks. The S&P Smallcap 600 rose 0.2% on the stock market today and bolted 5.9% higher for the week; the Russell 2000 inched up 0.1% Friday, but climbed 5.4% for the week, with both indexes rolling easily to new highs.
Pfizer, Emergent Bio, Broadcom Score Friday Wins
On the Dow, Pfizer (PFE), Coca-Cola (KO) and Merck (MRK) led the session with gains of better-than 2% apiece. Caterpillar (CAT) lagged the index with a 0.7% decline.
Drilling contractors Diamond Offshore (DO) and Ensco (ESV) led the S&P 500, up 8% and 5%, respectively.
Broadcom (AVGO) was close behind, ending the session ahead more than 4%, riding the chorus of bullish analyst comments that followed the chipmaker's strong fiscal fourth quarter results reported late Thursday. The stock ended the session in a buy range above a 178.12 buy point.
On the S&P 600, Emergent Biosolutions (EBS) led with a 19% gain. The company reported late Thursday it had signed a follow-on agreement to supply the Centers for Disease Control and Prevention with up to $911 million worth of its BioThrax Anthrax vaccine.
Consumer Sentiment Boost, Oil Ends Week Lower
Positive November consumer sentiment news from the University of Michigan was a plus early in the session. Investors appeared somewhat optimistic toward discussions scheduled over the weekend between Organization of Petroleum Exporting Countries officials and non-OPEC members regarding production limits. That optimism offset a sixth straight increase in the number of rigs drilling in the U.S.
Still, oil prices ended up more than 1% Friday, leaving West Texas Intermediate at $51.46 and a fraction lower for the week — it's first slip after a three-week rally. Gold dipped 1% to near $1,160, down 1.4% for the week. The dollar strengthened across the week. Bonds slipped, putting the 10-year yield up 8 basis points for the week to 2.47%.
An odd collection of four industries rose more than 10% for the week: steel alloys, consumer electronic retailers, solar energy outfits and consumer lenders. Friday's fastest rising industries were Canadian oil & gas producers, meat producers, drug wholesalers and nonalcoholic drink makers.
RELATED:
