Wall Street ends at record highs

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