MARKETS

Dollar Gains Against Mark, Yen: The dollar ended Thursday’s European session with modest gains against the mark and yen after a very quiet trading day in which the U.S. Thanksgiving holiday brought trading almost to a standstill. The sharpest move, which saw the dollar rally a quarter of a pfennig, came after Bundesbank Vice President Johann Wilhelm Gaddum said Germany’s worst inflation problems are probably over and that interest rates will continue to fall. The dollar stood at 1.7079 marks in late trading. Against the Japanese yen, the dollar ended at 108.30, up from 108.18. European and Japanese government bond prices closed higher, buoyed by prospects of lower interest rates. Gold closed in London at $377.50, compared to $375.75 on Wednesday. Oil prices recovered some ground in late trading, having plunged to their lowest level in five years earlier in the day as dealers reacted to a decision by the Organization of Petroleum Exporting Countries to retain a production ceiling of 24.52 million barrels a day.