05:02 PM EDT, 09/13/2024 (MT Newswires) -- US benchmark equity indexes closed higher Friday as markets awaited the Federal Reserve's latest monetary policy decision due next week.

The Dow Jones Industrial Average and the Nasdaq Composite rose 0.7% each to 41,393.8 and 17,684, respectively. The S&P 500 increased 0.5% to 5,626. All sectors notched gains, led by utilities and communication services.

For the week, the Nasdaq jumped nearly 6%, while the S&P 500 advanced 4%. The Dow increased 2.6%.

The Federal Open Market Committee's two-day meeting is scheduled to kick off Tuesday.

There's currently a 53% probability that the FOMC will lower its benchmark lending rate by 25 basis points Wednesday, with the remaining odds in the favor of a more aggressive 50-basis-point reduction, according to the CME FedWatch tool.

Jefferies expects policymakers to reduce rates by 25 basis points.

"We expect the language in the policy statement to change significantly, reflecting a shift in the balance of risks to the downside for the labor market and towards greater confidence in achieving the (FOMC's) 2% inflation goal over time," the brokerage said in a Friday note to clients. "This will set the stage for additional rate cuts at upcoming meetings."

The US two-year yield decreased 5.9 basis points to 3.59%, while the 10-year rate dropped 2.1 basis points to 3.66%.

In economic news, US consumer sentiment increased to its highest level since May so far this month, while year-ahead inflation expectations dropped to the lowest reading since December 2020, according to preliminary results from the University of Michigan's Surveys of Consumers.

West Texas Intermediate crude oil rose 0.5% to $69.28 a barrel Friday, on course for a weekly gain.

"Crude prices continued a rebound from a three-year low, despite the (International Energy Agency) warning that global oil demand growth is slowing sharply due to China's cooling economy," Saxo Bank said in a report.

In company news, Warner Bros. Discovery ( WBD ) shares jumped nearly 11%, the best performer on the S&P 500 and the Nasdaq. On Thursday, the company said it signed a multiyear distribution deal with Charter Communications ( CHTR ) that integrates linear video and streaming services. Charter shares rose 0.3% Friday.

Boeing ( BA ) saw the steepest decline on the Dow and was among the worst S&P 500 performers, down 3.7%, after members of the International Association of Machinists and Aerospace Workers unanimously rejected a tentative labor deal between the plane maker and the union.

Separately, Moody's said it has placed Boeing's ( BA ) ratings on review for downgrade.

Adobe (ADBE) shares sank 8.5%, the steepest drop on the S&P 500 and the Nasdaq. Late Thursday, the software maker issued a fiscal fourth-quarter revenue outlook that fell short of Wall Street's views at the time even as it logged stronger-than-expected results for its third quarter.

Gold rose 1.1% to $2,609.40 per troy ounce, while silver gained 3.2% to $31.08 per ounce.