04:30 PM EST, 11/08/2024 (MT Newswires) -- US benchmark equity indexes closed at all-time highs Friday following strong weekly gains after Donald Trump won the 2024 US presidential election.

The Dow Jones Industrial Average rose 0.6% to 43,989 Friday, while the S&P 500 increased 0.4% to 5,995.5. The Nasdaq Composite added 0.1% to 19,286.8. Among sectors, utilities and real estate saw the biggest gains. Materials, communication services, and technology closed lower.

For the week, the Nasdaq jumped 5.7%, while the S&P 500 gained 4.7%. The Dow rose 4.6%.

Trump defeated Kamala Harris in Tuesday's poll, marking his return to the White House.

On Thursday, the Federal Reserve lowered its benchmark lending rate by 25 basis points, following a 50-basis-point cut in September.

The US two-year yield rose 3.6 basis points to 4.26% Friday, while the 10-year rate dropped 3.9 basis points to 4.30%.

In economic news, US consumer sentiment so far in November reached the highest level in six months, preliminary results from the University of Michigan's Surveys of Consumers showed. Year-ahead inflation expectations fell to the lowest point since December 2020.

Interviews for the survey were concluded prior to the US presidential election, according to the report.

West Texas Intermediate crude oil fell 2.7% to $70.41 a barrel Friday. Prices decreased as concerns around extended supply disruptions from Hurricane Rafael in the US Gulf of Mexico eased, Reuters reported.

In company news, Axon Enterprise ( AXON ) shares surged nearly 29%, the best performer on the S&P 500. Late Thursday, the company reported better-than-expected third-quarter financial results and raised its full-year revenue outlook.

Fortinet ( FTNT ) was the top gainer on the Nasdaq and the second-best on the S&P 500 Friday, up 10%, following a third-quarter beat late Thursday.

Tesla (TSLA) shares jumped 8.2%, the second-best performer on the Nasdaq and among the best on the S&P 500, with the electric vehicle maker's market capitalization topping $1 trillion. Markets are betting that Tesla stands to benefit from Trump's victory.

Airbnb ( ABNB ) saw the biggest decline on the Nasdaq and the second-steepest on the S&P 500, down 8.7%. Late Thursday, the vacation rental company's third-quarter earnings more than halved year-over-year, while revenue narrowly advanced above Wall Street's estimates.

Akamai Technologies ( AKAM ) shares sank 14% Friday, the worst performer on the S&P 500. Late Thursday, the company reported that its third-quarter adjusted earnings fell year over year, while it lowered its full-year outlook.

Gold fell 0.5% to $2,692.80 per troy ounce, while silver lost 1.5% to $31.38 per ounce.