04:51 PM EDT, 08/09/2024 (MT Newswires) -- US benchmark equity indexes closed higher Friday as markets assessed comments by a Federal Reserve official.

The S&P 500 and the Nasdaq Composite rose 0.5% each to 5,344.2 and 16,745.3, respectively. The Dow Jones Industrial Average advanced 0.1% to 39,497.5. Communication services paced the gainers among sectors, while materials was the sole decliner.

For the week, the Dow fell 0.6%, while the Nasdaq lost 0.2%. The S&P 500 was little changed.

Boston Fed President Susan Collins said it would likely be appropriate to start easing monetary policy soon if economic data continue "the way that I expect," the Providence Journal reported. "My outlook is for continued gradual reduction back to our 2% (inflation) target amid a healthy labor market," Collins reportedly said.

Collins spoke with the Providence Journal on Thursday, while the newspaper published her responses -- edited for clarity -- on its website on Friday.

Separately, ING said in a report that it expects the central bank's Federal Open Market Committee to lower interest rates by half a percentage point next month, followed by "a series of" 25-basis-point cuts amid recent recession concerns.

The FOMC tightened monetary policy by 525 basis points from March 2022 through July 2023 to tame inflation, but has since kept interest rates unchanged, with its latest pause coming late last month.

The US 10-year yield fell 5.5 basis points to 3.94% Friday, while the two-year rate rose 1.3 basis point to 4.06%.

In company news, Akamai Technologies ( AKAM ) shares jumped nearly 11%, the best performer on the S&P 500. Late Thursday, the company raised its full-year earnings outlook after its second-quarter financial results topped Wall Street's views.

Trade Desk ( TTD ) saw the biggest gain on the Nasdaq on Friday, up 13%, after the company delivered a second-quarter beat late Thursday.

Insulet ( PODD ) shares dropped 8.8%, the steepest decline on the S&P 500. The company late Thursday reported second-quarter adjusted earnings that fell short of the Street's expectations.

Intel ( INTC ) saw the biggest drop on the Dow and was the second-worst performer on the S&P 500 and the Nasdaq, down 3.8% Friday. On Thursday, Moody's downgraded the chipmaker's senior unsecured ratings to Baa1 from A3 and changed its ratings outlook to negative from stable.

Intel ( INTC ) is expected to see "significantly weaker" profitability over the next 12 to 18 months amid weaker-than-anticipated demand and continued market share losses, among other factors, Moody's said.

West Texas Intermediate crude oil rose 1% to $76.96 a barrel Friday.

Gold gained 0.2% to $2,468.70 per troy ounce, while silver fell 0.4% to $27.51 per ounce.