04:33 PM EDT, 08/16/2024 (MT Newswires) -- US benchmark equity indexes closed higher Friday as markets analyzed the latest economic data, including a survey showing that consumer sentiment grew more than projected in August.

The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite rose 0.2% each. The Dow closed at 40,659.8, while the S&P 500 moved to 5,554.3. The Nasdaq finished at 17,631.7. Financials led the gainers among sectors, while industrials saw the biggest drop.

For the week, the Nasdaq jumped 5.3%, while the S&P 500 advanced 3.9%. The Dow increased 2.9%.

In economic news, US consumer sentiment increased to 67.8 this month from 66.4 in July, preliminary results from the University of Michigan's Surveys of Consumers showed. The consensus was for a 66.9 reading in a survey compiled by Bloomberg.

Consumers' overall expectations strengthened for both personal finances and the five-year economic outlook, which hit its highest level in four months, Surveys of Consumers Director Joanne Hsu said. The survey showed consumers' inflation expectations held steady at the one- and five-year horizons.

US housing starts decreased last month, weighed down by sequential declines in single-family projects, the Census Bureau and the Department of Housing and Urban Development said.

"While there's no denying the July starts and permits data were much worse than anticipated, the recent sharp drop in mortgage rates, if sustained, should enable the residential market to gain some traction going forward," BMO said in a note to clients.

The US two-year yield fell 4.5 basis points to 4.06%, while the 10-year rate lost 4.3 basis points to 3.88%.

In company news, Tapestry (TPR) shares advanced 3.1%, among the top gainers on the S&P 500. The luxury fashion company logged better-than-expected fiscal fourth-quarter results Thursday and said it expected 2025 earnings to be higher than the prior full year.

Madison Square Garden Entertainment ( MSGE ) shares rose 4.8% Friday after the company swung to a fiscal fourth-quarter profit year over year as higher event-related revenue and food and beverage sales helped drive a double-digit topline gain.

Palo Alto Networks ( PANW ) saw the steepest decline on the Nasdaq and was among the worst performers on the S&P 500, down 2.7%. The cybersecurity firm's fiscal 2025 outlook will be a key focus when it reports fiscal fourth-quarter results Monday as it executes its "platformization" strategy, Wedbush Securities said in a Friday note to clients. Only 900 of Palo Alto's top 5,000 customers have fully transitioned to the company's platform approach, but it is expected to gain pace, the brokerage said.

Amcor ( AMCCF ) shares dropped 3.7%, the steepest decline on the S&P 500. Late Thursday, the company reported fiscal fourth-quarter sales that fell more than Wall Street's expectations.

West Texas Intermediate crude oil slid 1.8% to $76.76 a barrel Friday. Chinese refineries sharply reduced crude processing rates in July amid tepid demand, Reuters reported.

Gold jumped 2.2% to $2,547.30 per troy ounce, while silver gained 2.1% to $29.45 per ounce. Spot gold topped $2,500 an ounce Friday afternoon, surpassing its previous record reached in July, ING said in a report. Price of the yellow metal is up more than 20% this year amid geopolitical uncertainties, expectations of monetary policy easing by the US Federal Reserve and "strong appetite" from central banks, the firm said.