* Dow, S&P 500, Russell 2000 hit record intraday highs
* European shares edge higher
* U.S. yields stable after 2-yr yields hit 6-1/2-yr high
* Dollar falls on profit-taking
* Oil prices fall on uncertainty over production cuts
* Gold prices hit 9-1/2-month low
(Updates to open of U.S. markets; changes byline, dateline, pvs
By Sam Forgione
NEW YORK, Nov 25 Key U.S. equity indexes swept
to record intraday highs on Black Friday thanks to gains in
consumer staple stocks, while European shares also advanced, and
a stabilization in U.S. Treasury yields led investors to sell
The small cap Russell 2000 also hit a record intraday
high on a day when trading volumes are expected to be relatively
thin, with the U.S. stock market closing at 1:00 p.m. ET (1700
The S&P 500 consumer staples index was last up 0.7
percent, while the consumer discretionary sector
gained 0.2 percent on Black Friday, which traditionally kicks
off the crucial U.S. holiday shopping season.
European shares were headed for a third week of gains, even
as commodities stocks fell after a tumble in oil prices.
Uncertainty over whether OPEC will agree to cut production at
the group's meeting next week weighed on crude prices.
Over the past few trading sessions, the three main U.S.
indexes have hit all-time highs and closed at record levels
Those gains came as investors see U.S. President-elect
Donald Trump's promises of tax cuts, higher spending on
infrastructure and less regulation as beneficial to certain
industries, including banking, industrials and healthcare.
"Trump's stock market honeymoon continues as the indexes
push higher this morning, and the focus now shifts to holiday
sales," said Peter Cardillo, chief market economist at First
Standard Financial in New York.
MSCI's all-country world equity index was
last up 1.48 points, or 0.36 percent, at 414.61.
The Dow Jones industrial average gained 51.19 points,
or 0.27 percent, to 19,134.37. The S&P 500 was up 5.5
points, or 0.25 percent, at 2,210.22. The Nasdaq Composite
was up 9.00 points, or 0.17 percent, at 5,389.68.
Europe's broad FTSEurofirst 300 index was up 0.24
percent, at 1,350.93.
While positive for stocks, Trump's surprise victory has sent
U.S. Treasury yields higher and prices lower as investors bet
his pro-growth and inflationary policies will erode the value of
U.S. Treasuries were last steady after two-year yields hit a
6 1/2-year high of 1.1700 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 101.390 as investors took advantage of the pullback
in U.S. bond yields to lock in gains that have propelled the
currency to a nearly 14-year peak.
Benchmark oil contracts remained on track for a second
straight week of gains despite Friday's losses. Brent crude
was last down $1.28, or 2.61 percent, at $47.72 a
barrel. U.S. crude was down $1.23, or 2.56 percent, at
$46.73 per 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 rise from
the Federal Reserve next month.
(Additional reporting by Yashaswini Swamynathan in Bengaluru,
Jessica Resnick-Ault in Boston and Karen Brettell and Gertrude
Chavez-Dreyfuss in New York; Editing by Bernadette Baum)