04:31 PM EST, 01/17/2025 (MT Newswires) -- US benchmark equity indexes closed higher Friday as traders assessed the latest macro data and the International Monetary Fund's upgraded 2025 growth outlook for the world's largest economy.

The Nasdaq Composite rose 1.5% to 19,630.2, and the S&P 500 advanced 1% to 5,996.7. The Dow Jones Industrial Average increased 0.8% to 43,487.8. Consumer discretionary and technology led the gainers among sectors, while real estate was little changed. Health care was the sole decliner.

For the week, the Dow jumped 3.7%, the S&P gained 2.9%, and the Nasdaq increased 2.5%.

US markets will be closed Monday in observance of Martin Luther King Jr. Day.

In economic news, US housing starts climbed more than expected last month as multifamily projects logged sharp gains sequentially, government data showed.

"Homebuilding activity is expected to trend higher in 2025, but elevated uncertainty related to fiscal policy and its impact on the decisions of the Federal Reserve will likely keep activity subdued over the near term," TD Economics said.

US industrial production rose more than projected in December, while the pace of manufacturing output accelerated, according to Fed data.

The IMF increased its global and US economic growth expectations for this year but said the balance of risks to the overall outlook is tilted to the downside in the medium term.

Potential growth in demand and shrinking supply would reignite US price pressures, though its impact on near-term economic output would be unclear, said Pierre-Olivier Gourinchas, IMF economic counsellor. "Higher inflation would prevent the (Fed) from cutting interest rates and could even require rate hikes that would in turn strengthen the dollar and widen US external deficits."

The US two-year yield rose 4 basis points to 4.28% Friday, while the 10-year rate added 1.1 basis points to 4.62%.

In company news, Intel ( INTC ) shares surged 9.2%, the top gainer on the S&P and the Nasdaq.

Schlumberger ( SLB ) shares rose 6.1%, the second-biggest increase on the S&P, after the oilfield services company's Q4 results topped Wall Street's estimates.

J.B. Hunt Transport Services' (JBHT) shares fell 7.4%, the steepest decline on the S&P. Late Thursday, the transportation and logistics company reported Q4 earnings that missed expectations.

The US Supreme Court on Friday upheld a law that would force China-based ByteDance to either sell TikTok by Sunday or face a US ban for the short-video app.

"My decision on TikTok will be made in the not-too-distant future, but I must have time to review the situation," US President-elect Donald Trump said in a post on Truth Social.

Trump is scheduled to take office Monday.

Meta Platforms' ( META ) Instagram is seen befitting the most from a TikTok closure, followed by Alphabet's (GOOG, GOOGL) YouTube ( GOOG ) and Snapchat parent Snap (SNAP), Truist Securities said.

West Texas Intermediate crude oil dropped 0.8% to $78.03 a barrel Friday.

Gold decreased 0.5% to $2,738 per troy ounce, while silver slid 2.2% to $31.02 per ounce.