Wall Street ends at record highs; dollar loses steam

* Dow, S&P 500, Nasdaq, Russell 2000 hit record highs

* European shares edge higher

* US yields stable after 2-year yields hit 6-1/2-year high

* Dollar falls on profit-taking

* US crude tumbles 4 pct on uncertainty over production cuts

* Gold prices hit 9-1/2-month low

NEW YORK - 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 US Treasury yields promoted investors to sell the dollar.

The Dow, S&P 500 and Nasdaq indexes, as well as the small cap Russell 2000, hit record closing and intraday highs in thin trading, with the US 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 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 US 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 was last up 1.86 points, or 0.45 percent, at 414.99.

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

Europe's broad FTSEurofirst 300 index closed up 0.29 percent at 1,351.66.

While positive for stocks, Trump's surprise victory in the Nov. 8 election has sent US Treasury yields higher as investors bet his pro-growth and inflationary policies will erode the value of US bonds.

US Treasuries were last steady after two-year yields hit a 6-1/2-year high of 1.17 percent overnight as investors evaluated how much further the selloff had to run.

"There are a number of people that want to buy in but also don't want to get whipped by the next 25-to-30 basis point selloff," said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York.

The dollar index, which measures the greenback against a basket of six major currencies, was last down 0.3 percent at 101.430 as investors took advantage of the pullback in US bond yields to lock in gains after the dollar hit a nearly 14-year peak on Thursday.

Despite Friday's steep losses, U.S. and benchmark Brent crude oil prices eked out a second straight week of gains. Brent crude settled down $1.76, or 3.59 percent, at $47.24 a barrel. U.S. crude settled down $1.90, or 3.96 percent, at $46.06 a barrel.

Gold prices tumbled to a 9-1/2 month low of $1,171.2100 an ounce, partly on expectations of a U.S. interest rate increase by the Federal Reserve next month. - With additional reporting by Yashaswini Swamynathan in Bengaluru, Jessica Resnick-Ault in Boston and Karen Brettell and Gertrude Chavez-Dreyfuss in New York

source: news.abs-cbn.com

'Black Friday' frenzy begins in US

LESSBURG - The traditionalists don't like it, but the "Black Friday" shopping frenzy is as much a part of the Thanksgiving holiday in the United States as turkey and pumpkin pie.

And it's only Thursday.

Americans will spend tens of billions of dollars over the four-day holiday and there was certainly no messing about at Leesburg Corner, a Virginia outlet center only a short drive from the US capital Washington.

There was hardly time for the roast turkey and stuffing to settle when most shops opened there on Thursday, Thanksgiving Day, for a 28-hour bonanza of breathless consumerism that was to stretch overnight and drag on nonstop until 10:00 pm Friday.

Henri Brown, 17, and brother Will, 15, were among the first through the doors on a chilly winter's evening.

Henri forked over $130 in the first hour and proclaimed himself happy with his early purchases: two jackets -- a dark blue one he was already wearing -- sunglasses and trousers.

"Most places have 50 percent or more off, it's pretty good. I come here most years to get clothes for the winter, but it's not as crazy busy as previous years," he said.

'Maybe all night'

The four-day Thanksgiving weekend is the kickoff to the US holiday shopping season, and Black Friday has long been considered the critical day that turns retailers' books from red to black.

But there has been criticism of those retailers that throw their doors open on Thanksgiving instead of actually waiting for Black Friday.

Don't the store workers deserve a day off to spend with their families too?

"They don't have to work. I guess they do it for the money. They are not being forced here," said Henri. "And they might enjoy the rush of people."

Vera Luo, a 19-year-old from China studying in Washington, came armed with a suitcase she was ready to fill to bursting with new acquisitions that she said would be more expensive in China.

She and two friends paid $60 for a taxi from the US capital and they were in it for the long haul.

"I have no idea where my friends are or when I will find them," said the economics student, clasping a directory of the more than 100 stores in the complex.

"So far I have only bought lens solution, but I have a budget of $500 and I want to buy a bag from Coach.

"I don't know how long we will be here. Maybe all night."

Tactical approach

Mamadous Niass, 48, a cyber-security engineer originally from Senegal, declared himself something of an old hand in the art of the post-Thanksgiving splurge.

"It's not the cheapest time in the year. After Christmas is cheaper, but I came today because there are more options -- nothing is left after Christmas," he said sagely.

He too was through the doors early but was taking a more tactical approach, refusing to jump right into the spending bonanza.

"I am well-prepared and have a list of four brands I want -- Columbia, Tommy Hilfiger, Calvin Klein and Ralph Lauren -- and I will get," he said firmly.

Jeanette, a local who gave her age as "104," was another refusing to get carried away by the discounts of more than 50 percent.

She had scouted a Michael Kors purse online before moving in for the kill for just over $100.

"I did not want to pay the high price before but it was on a pretty big discount," she said, rubbing her cheeks to stave off the cold.

Taking a breather on a bench while her daughter and granddaughter did the running about, Jeanette too said it had been noticeably busier in previous years.

"A few years ago it was not like this, but prices have gone up in the last few years," she said, adding with a grin: "But I am not done quite yet."

source: www.abs-cbnnews.com