04:31 PM EDT, 05/17/2024 (MT Newswires) -- The Dow Jones Industrial Average closed above 40,000 for the first time, and two other benchmark equity indexes were mixed as markets analyzed comments by Federal Reserve Governor Michelle Bowman.

The Dow rose 0.3% to 40,003.6, while the S&P 500 gained 0.1% to 5,303.3. The Nasdaq Composite fell 0.1% to 16,686. The S&P 500 and the Nasdaq closed at records highs Wednesday. Energy led the gainers among sectors Friday, while technology paced the decliners.

For the week, the Nasdaq jumped 2.1%, while the S&P 500 added 1.5%. The Dow advanced 1.2%.

Bowman said that while the central bank's current monetary policy stance is likely restrictive, she is willing to increase interest rates further at a future meeting should incoming data suggest that progress on inflation has stalled or reversed. There hasn't been further advancement on slowing inflation this year following "considerable" progress in 2023, she said.

On Thursday, Cleveland Fed President Loretta Mester said it's likely "prudent at this point" for policymakers to hold the restrictive monetary policy stance for longer as they seek clarity on the inflation path.

In a bid to tame inflation, the central bank's Federal Open Market Committee tightened monetary policy by 525 basis points between March 2022 and July 2023. It has held interest rates steady since then, with its latest pause coming earlier this month.

The US 10-year yield rose 4.3 basis points to 4.42% Friday, while the two-year rate gained 3.8 basis points to 4.83%.

Official US producer price data for April was released Tuesday, followed by the consumer inflation report Wednesday.

"A cooler-than-expected (consumer price index) report this week buoyed investors' optimism for a nearer term rate cut (by the Fed), with expectations for a September reduction jumping to over 50%," Stifel said Friday in a note. "While a step in the right direction, the headline improvement was a minimal one 10th of a percentage point drop, still leaving consumer price pressures well above 3%."

West Texas Intermediate crude oil increased 0.9% to $79.95 per barrel Friday.

In company news, GameStop ( GME ) shares tumbled 20% after the video game retailer disclosed preliminary results that indicated a slump in fiscal Q1 sales. The company said it may sell up to 45 million shares.

Lam Research ( LRCX ) kept its quarterly dividend at $2 a share. The stock dropped 3.3%, among the steepest decliners on the S&P 500 and the Nasdaq.

Gold gained 1.5% to $2,421.20 per troy ounce, while silver jumped 6.4% to $31.79 an ounce.