04:25 PM EDT, 07/12/2024 (MT Newswires) -- US benchmark equity indexes rose Friday as markets evaluated the latest producer prices data, while a survey showed easing consumer inflation expectations.

The Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite gained 0.6% each to finish at 40,000.9, 5,615.4 and 18,398.4, respectively. Among sectors, consumer discretionary, materials, and technology led the gainers, while communication services was the sole decliner.

For the week, the Dow jumped 1.6%, while the S&P 500 rose 0.9%. The Nasdaq added 0.2%.

In economic news, US producer prices rose above market expectations on a sequential and annual basis in June, the Bureau of Labor Statistics reported, a day after its data showed consumer inflation surprisingly declined sequentially last month.

"Producer prices confirmed the encouraging June (consumer price index) and point to another benign reading of the Federal Reserve's preferred inflation gauge," Oxford Economics said in a note to clients. Second-quarter price reports were expected to instill "far more confidence" that inflation was moving sustainably towards the Fed's 2% target.

Fed Chair Jerome Powell said earlier this week that inflation in the US seems to have improved in recent months, and "more good data would strengthen" the case for potential monetary policy easing.

The US two-year yield fell 5.1 basis points to 4.45% Friday, while the 10-year rate dropped one basis point to 4.18%.

US consumer sentiment unexpectedly declined in July, preliminary results from the University of Michigan's Surveys of Consumers showed. Both year-ahead and five-year inflation expectations dropped to 2.9% this month from 3% in June, according to the report.

"With the upcoming election, consumers perceived substantial uncertainty in the trajectory of the economy, though there is little evidence that the first presidential debate altered their economic views," Surveys of Consumers Director Joanne Hsu said.

West Texas Intermediate crude oil slipped 0.5% to $82.23 a barrel Friday.

In company news, Intel's ( INTC ) total software and developer cloud subscription revenue could reach $1 billion by the end of 2027, Reuters reported, citing Chief Technology Officer Greg Lavender. The tech giant's shares rose 3%, the top gainer on the Dow.

Bank of New York Mellon ( BK ) was the second-best performer on the S&P 500, up 5.2%, after the company delivered a second-quarter beat and raised its dividend.

Wells Fargo ( WFC ) saw the steepest decline on the S&P 500, down 6%, after the lender's second-quarter net interest income declined annually and fell short of analysts' estimates.

Gold dropped 0.2% to $2,416.40 per troy ounce, while silver fell 2.2% to $30.99 per ounce.