04:28 PM EST, 03/07/2025 (MT Newswires) -- US benchmark equity indexes closed higher Friday after Federal Reserve Chair Jerome Powell's latest comments and official report on US jobs for February.

The Nasdaq Composite rose 0.4% to 18,137.9, while the S&P 500 increased 0.3% to 5,755.9. The Dow Jones Industrial Average was up 0.3% to 42,700.9. Utilities and energy sectors were the top gainers and consumer staples had the steepest decline.

US Treasury yields were higher, with the 10-year rate gaining about 3.2 basis points to 4.3% and the two-year rate was up 3.3 basis points to 4%.

April West Texas Intermediate crude oil increased 1% to $67.05 a barrel Friday.

In economic news, Powell stated that the Federal Open Market Committee would look for "greater clarity" regarding the Trump administration's policy changes before deciding on the next steps for interest rates.

"As we parse the incoming information (about policy changes), we are focused on separating the signal from the noise as the outlook evolves," Powell added.

The US nonfarm payrolls increased by 151,000 in February, while the unemployment rate rose to 4.1% compared to 4% in January, according to a report by the Bureau of Labor Statistics.

In company news, Broadcom ( AVGO ) shares up were up over 8%, the best performer on S&P 500. The chipmaker late Thursday provided fiscal Q2 revenue guidance ahead of analysts' estimates after delivering a Q1 beat.

Oruka Therapeutics ( ORKA ) shares rose nearly 4% after the company said preclinical data on its monoclonal antibody ORKA-002 support potential extended dosing intervals and show equivalent potency to bimekizumab in plaque psoriasis.

Hewlett Packard Enterprise ( HPE ) shares were down 11% after the company shared plans to achieve roughly $350 million in run-rate cost savings by fiscal year 2027 through workforce reductions.

Costco Wholesale ( COST ) shares fell 6%. The company's fiscal Q2 net income missed analyst consensus late Thursday.

Gold fell 0.4% to $2,915.9 per troy ounce, while silver was down 1.2% to $32.94 per troy ounce.