04:59 PM EST, 02/13/2025 (MT Newswires) -- US benchmark equity indexes closed higher Thursday, while Treasury yields retreated as markets assessed the latest corporate earnings, economic data, and tariff news.

The Nasdaq Composite rose 1.5% to 19,945.6, while the S&P 500 increased 1% to 6,115.1. The Dow Jones Industrial Average advanced 0.8% to 44,711.4. All sectors posted gains, led by materials and consumer discretionary.

In company news, AppLovin ( APP ) shares surged 24%, the second-best performer on the Nasdaq. The company delivered a fourth-quarter beat late Wednesday.

MGM Resorts International ( MGM ) was the top gainer on the S&P 500 Thursday, up nearly 18%. The company late Wednesday posted fourth-quarter adjusted earnings and revenue that fell less than projected.

West Pharmaceutical Services ( WST ) was the worst performer on the S&P 500 Thursday, down 38%, after issuing a downbeat full-year outlook.

Trade Desk ( TTD ) shares sank 33%, the steepest decline on the Nasdaq. The company late Wednesday logged fourth-quarter revenue that fell short of Wall Street's views.

The US 10-year yield declined 9.9 basis points to 4.54% Thursday, while the two-year rate lost 5.6 basis points to 4.31%.

In economic news, US producer price growth rose more than the Street's expectations last month as wholesale costs of goods increased amid a jump in diesel fuel, the Bureau of Labor Statistics reported.

"A hotter-than-expected producer price report on the heels of yesterday's rise in the (consumer price index) report reinforces concerns of ingrained inflationary pressures in the economy and further upside price risks given an aggressive fiscal policy agenda," Stifel said. "As such, hopes of further policy relief from the (Federal Reserve) is off the table, at least for now, or until inflation stabilizes and/or the labor market shows meaningful signs of cooling."

Weekly applications for unemployment insurance in the US dropped more than projected, according to government data.

"We now think the Fed will keep rates on hold for most of 2025 and look for only one rate cut this year, to come in December," Oxford Economics said.

Earlier this week, Fed Chair Jerome Powell said policymakers do "not need to be in a hurry" to adjust interest rates as the economy remained strong.

President Donald Trump signed a memorandum ordering the development of a plan to impose "reciprocal tariffs" on other countries.

"Reciprocal tariffs will bring back fairness and prosperity to the distorted international trade system and stop Americans from being taken advantage of," the White House said in a statement.

West Texas Intermediate crude oil ticked 0.1% higher to $71.41 a barrel Thursday.

Gold rose 1% to $2,958 per troy ounce, while silver gained 0.8% to $33.03 per ounce.