05:04 PM EDT, 05/17/2024 (MT Newswires) -- US benchmark equity indexes closed mixed Friday, with the Dow Jones Industrial Average finishing above the 40,000 level for the first time, 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. All three indices closed at record-high levels Wednesday, though Dow fell short of the 40,000 mark that day. Energy led the gainers among sectors Friday, while technology saw the steepest decline.

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 at a future meeting should incoming data suggest that progress on inflation has stalled or reversed. There hasn't been further progress 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 about the inflation path.

In a bid to tame inflation, the central bank's Federal Open Market Committee increased its benchmark lending rate 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 3.6 basis points to 4.83%.

Official US producer prices data for April were 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 in a Friday note. "While a step in the right direction, the headline improvement was a minimal one tenth 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, Boeing ( BA ) shareholders reelected outgoing Chief Executive Dave Calhoun to the plane maker's board, CNBC reported, citing a preliminary tally of votes. The company's shares rose 1.1%, among the top gainers on the Dow.

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

GameStop ( GME ) shares tanked nearly 20% after the video game retailer disclosed preliminary results that pointed to a sharp year-over-year decline in fiscal first-quarter sales. The company said it may sell up to 45 million of its class A shares.

Gold gained 1.5% to $2,420.50 per troy ounce, while silver jumped 6.4% to $31.78 per ounce.