THE Dow Jones industrial average closed at a record high for the 12th time this year after a volatile session marked by successive waves of profit taking and heavy buying.

The Dow rose 2.17 points to 5,541.62, surpassing Thursday's record of 5,539.45. In the broader market, gainers out paced losers by 11 to 10 on very active volume of 481 million shares on the New York Stock Exchange.

The technology heavy Nasdaq index rose 1.41 to 1,094.58, also a new record.

The dollar edged lower against most major currencies, taking a breather after its recent brief rally. But it recovered from larger losses posted in early trading in Asia and Europe.