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Hundreds of thousands of New York Yankee fans cheered their baseball team on Friday at a parade through Lower Manhattan to celebrate its 27th World Series victory.

Ticker-tape and toilet paper, the traditional way to bestow honor in New York, was thrown from office windows as the players paraded on floats along Broadway’s Canyon of Heroes to City Hall, where Mayor Michael Bloomberg gave them the keys to the city and rapper Jay-Z sang his hit “Empire State of Mind.”

After a championship draught that seemed like an eternity for some fans — the Yankees last won a World Series title in 2000 — the team topped the defending world champion Philadelphia Phillies on Wednesday to win the best-of-seven series four games to two.

“We really forgot how great it feels,” Yankees captain and shortstop Derek Jeter, who was on the 2000 club, told the crowd. “This year it’s for the fans.”

The World Series victory was an apt way for the Yanks, long known as the Bronx Bombers for their slugging, to christen their new $1.5 billion stadium in the New York borough of the Bronx.

The win gave fans a respite as the U.S. economy struggles to shake off the its worst recession in decades and unemployment reached a 26-1/2 year high in October of 10.2 percent.

“We get to come here and enjoy this and not worry about (the economy) for a little bit of time,” said Donna Grofsick, 44, from Hawthorne, New Jersey, holding a sign that read “Marry Me Derek, it’s OK with my husband.”

Some fans waited more than eight hours to catch a glimpse of their favorite players such as Alex Rodriguez and Series Most Valuable Player Hideki Matsui. Many were dressed head to toe in Yankees merchandise to signal their support.

“We got here at 2 in the morning,” said unemployed student Kevin Cecchini, 23, of Hillsborough, New Jersey. “It’s a great day, everyone has a smile on their faces. People are forgetting about their problems and enjoying the day.”

Jeannine Ready, 53, of Nanaimo arrived in New York on Thursday after a cruise, where she followed the Series on board ship. “This is big,” she said. “My husband has been a fan since he was five years old and he’s now 65.”

New York was also celebrating an economic windfall. A spokesman for Comptroller Bill Thompson estimated the three Series games played in the Bronx were worth an estimated $60 million to the city.

Most of that value, he said, came from about 9,000 out-of-town visitors who attended the games.

Bloomberg said that presenting the keys to New York to the Yankees was an honor. “It is our way of saying to some very special people no matter where you go in life this city will always welcome you back with open arms,” he said.

The sport’s top spenders finally cashed in with their first pennant in six years Sunday night, beating the Los Angeles Angels 5-2 in Game 6 of the AL championship series behind the savvy pitching of that old October pro, Andy Pettitte.

Next up, New York hosts defending champion Philadelphia in the World Series opener Wednesday night. Cliff Lee is expected to face ALCS MVP CC Sabathia in an enticing pitching matchup between former Cleveland teammates – and the past two AL Cy Young Award winners.

“I couldn’t be more excited,” Rodriguez said. “I feel like a 10-year-old kid.”

Ridiculed in the past for his October flops, Rodriguez played a huge role in helping his team advance through the playoffs, batting .438 with five home runs and 12 RBIs. The slugger earned his first trip to the World Series during a 16-year career in which he’s accomplished almost everything else.

Pettitte set a postseason record for wins, Johnny Damon hit a two-run single and Mariano Rivera closed it out in familiar fashion with a six-out save as the Yankees won their 40th American League crown by vanquishing the Angels, a longtime nemesis.

Now, the Yankees go for their record 27th title – when manager Joe Girardi was hired two years ago, he took jersey No. 27 with that in mind.

“We’re just trying to enjoy this, man,” Derek Jeter said. “Hopefully, we can play one more great series.”

Not a bad way for Jeter and crew to finish up the first season at the team’s new $1.5 billion ballpark

For manager Mike Scioscia and his sloppy Angels, it was their latest playoff failure during a decade of consistent regular-season success. Since winning their only championship in 2002, the Angels are yet to return to the World Series despite five AL West titles in the past six years.

“At times we played good baseball. At times we shot ourselves in the foot,” Scioscia said.

After rain postponed Game 6 for a day, the clear weather and mild, 58-degree temperature at first pitch was a stark change from the first two games of the series, when the Angels froze up in the raw chill in New York.

Pettitte escaped a jam in the sixth, going to 3-0 on Kendry Morales before knocking down a comebacker with runners at second and third to preserve a 3-1 edge. The left-hander pumped his fist, then headed for the dugout.

Pettitte left to a standing ovation with one on and one out in the seventh and tipped his cap to the sellout crowd of 50,173, the largest at the new Yankee Stadium. He earned his 16th postseason win, breaking a tie with John Smoltz, and his fifth to close out a postseason series – also a major league record.

“We’ve got a lot of confidence in Andy when he’s on the mound. He’s been a big-game pitcher for us for 14 years,” Jeter said.

Joba Chamberlain got two key outs and Girardi went to a well-rested Rivera in the eighth. He gave up a two-out RBI single to Vladimir Guerrero, making it 3-2, then retired Morales to end the inning.

A diving play by first baseman Mark Teixeira helped Rivera escape further damage.

It was the first earned run allowed at home by the 39-year-old Rivera in a postseason save situation. But the Yankees added two insurance runs in the eighth on a pair of Angels errors and Teixeira’s sacrifice fly.

Rivera finished up in the ninth for his record 37th postseason save, and the Yankees had their pennant.

“You bring him in, you feel like the game’s over. He’s the best,” Pettitte said.

Rodriguez reached base all four times up Sunday and drew a bases-loaded walk in the fourth that put New York up 3-1. Earlier in the inning, Damon gave the Yankees the lead with a single off 16-game winner Joe Saunders.

Including their unprecedented collapse against Boston in 2004, the Yankees had lost five straight times with a chance to close out an ALCS – and six in a row with an opportunity to end a playoff series.

But this time, New York got it done with help from Jeter, Pettitte, Rivera and Jorge Posada, all part of the late 1990s dynasty under manager Joe Torre.

Normally airtight on defense and fundamentals, the Angels made eight errors in the series and several other uncharacteristic mistakes.

The miscues continued early in the clincher, when 16-game winner Joe Saunders walked five in 3 1-3 shaky innings and Guerrero was doubled off first base on a shallow fly.

With no Rally Monkey bouncing around the video board in the Bronx, Los Angeles failed to pull off one of its signature comebacks. The Angels trailed in all eight of their playoff victories against New York, including a stirring 7-6 triumph in Game 5 on Thursday night that extended the series.

The Angels eliminated New York with division series wins in 2002 and 2005. They are the 73-63 against the Yankees in the regular season since 1996, when Jeter took over at shortstop and New York began a run of four World Series titles in five years.

Looking to lock up the pennant, the Yankees turned to a familiar source of success in Pettitte. The 37-year-old left-hander delivered, allowing one run in 6 1-3 innings for his second closeout win of these playoffs. He also beat Minnesota to complete a first-round sweep.

Always a picture of poise and focus in October, narrowed eyes peering between his cap and glove as he takes his signs on the mound, Pettitte owns postseason records with 38 starts and 237 1-3 innings pitched.

He’s had trouble with the Angels, however, going 0-4 against them over the past two regular seasons. With a chance to put New York up 3-0 in this series, he squandered a 3-0 cushion on the road and took a no-decision in Game 3.

Pettitte was pitching at home for the Yankees in the postseason for the first time since their last World Series game, a 2-0 loss to Josh Beckett and the Florida Marlins in 2003.

This one was a different story, though. Los Angeles went ahead in the third when Pettitte hung a couple of curveballs. Unlikely playoff star Jeff Mathis, a part-time catcher who hit .211 during the regular season, led off with his fifth double of the series. He scored on a two-out single by Bobby Abreu, which gave the ex-Yankee four hits in 23 ALCS at-bats.

New York answered in the fourth after a leadoff walk to Robinson Cano. Nick Swisher was 3 for 30 in the series before his single, and Jeter walked to load the bases with one out.

Damon lined a two-run single over shortstop, and Teixeira’s infield single loaded the bases again.

That was it for Saunders, who walked off as he and Scioscia appearing perturbed by plate umpire Dale Scott’s strike zone.