Wall Street ends at record highs; dollar loses steam

Fri Nov 25, 2016 2:36pm EST
 
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By Sam Forgione

NEW YORK (Reuters) - Key stock indexes on Wall Street swept to record intraday and closing highs on Black Friday thanks to gains in consumer staple and technology shares, while European stocks climbed and a stabilization in U.S. Treasury yields promoted investors to sell the dollar.

The Dow, S&P 500 and Nasdaq indexes, as well as the small cap Russell 2000 .RUT, hit record closing and intraday highs in thin trading, with the U.S. stock market closing at 1:00 p.m. ET (1700 GMT). For the week, the Dow and Nasdaq gained 1.5 percent, while the S&P 500 rose 1.4 percent.

The S&P 500 consumer staples index's 0.8 percent gain .SPLRCS boosted shares on Black Friday, which traditionally kicks off the U.S. holiday shopping season.

European stocks notched a third straight week of gains, even as a tumble in oil prices dragged commodities shares lower. Uncertainty over whether OPEC will agree to cut production at the group's meeting next week weighed on crude prices.

Expectations that U.S. President-elect Donald Trump's promises of tax cuts, higher infrastructure spending and reduced regulation would benefit certain industries, including banking, industrials and healthcare, have underpinned multiple recent all-time highs in U.S. shares.

"While many stocks have risen quite briskly, investors are looking for some forgotten names in the rally," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

MSCI's all-country world equity index .MIWD00000PUS was last up 1.86 points, or 0.45 percent, at 414.99.

The Dow Jones industrial average .DJI closed up 68.96 points, or 0.36 percent, at 19,152.14. The S&P 500 .SPX ended up 8.63 points, or 0.39 percent, at 2,213.35. The Nasdaq Composite .IXIC closed up 18.24 points, or 0.34 percent, at 5,398.92.   Continued...

 
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 23, 2016.  REUTERS/Brendan McDermid