04:56 PM EDT, 07/26/2024 (MT Newswires) -- US benchmark equity indexes closed higher Friday as markets assessed the latest corporate earnings and economic data.

The Dow Jones Industrial Average rose 1.6% to 40,589.3, while the S&P 500 increased 1.1% to 5,459.1. The Nasdaq Composite advanced 1% to 17,357.9. All sectors notched gains, led by industrials, materials and real estate.

For the week, the Nasdaq slid 2.1%, while the S&P 500 lost 0.8%. The Dow rose 0.8%.

In company news, 3M ( MMM ) raised the low end of its full-year earnings outlook after reporting second-quarter results above market estimates. The industrial conglomerate's shares surged nearly 23%, the top gainer on the Dow and the S&P 500.

Mohawk Industries ( MHK ) was the second-best performer on the S&P 500, up almost 20%. The company late Thursday issued an upbeat third-quarter earnings outlook following a second-quarter beat.

Charter Communications ( CHTR ) shares jumped 17%, the top performer on the Nasdaq and among the best on the S&P 500, after the company on Friday posted better-than-expected results for the second quarter, buoyed by a jump in residential mobile service revenue.

DexCom ( DXCM ) saw the steepest decline on the S&P 500 and the Nasdaq, down 41%. The diabetes management company late Thursday cut its full-year topline outlook, as second-quarter revenue fell short of market estimates.

Biogen (BIIB) shares slid 7.2%, the second-worst performer on the S&P 500 and the Nasdaq. The drugmaker and its partner Eisai said the European Medicines Agency's Committee for Medicinal Products for Human Use recommended against the approval of a marketing authorization for lecanemab as treatment for early Alzheimer's disease.

The US 10-year yield dropped 6.2 basis points to 4.19%, while the two-year rate fell 5.6 basis points to 4.39%.

In economic news, the pace of US consumer spending growth eased in June, while the Federal Reserve's preferred inflation metric held steady on an annual basis, government data showed.

"On the inflation front, despite a slight uptick in the monthly core figure, the recent cooling trend is likely to be interpreted favorably by the (Fed)," TD Economics said in a note to clients.

US consumer sentiment decreased in July, while year-ahead inflation expectations dropped for the second consecutive month, according to the University of Michigan's Surveys of Consumers.

"Labor market expectations remain relatively stable, providing continued support to consumer spending," Surveys of Consumers Director Joanne Hsu said. "However, continued election uncertainty is likely to generate volatility in economic attitudes in the months ahead."

West Texas Intermediate crude oil fell 2% to $76.70 a barrel Friday.

Gold rose 1.4% to $2,385.90 per troy ounce, while silver gained 0.3% to $28.06 per ounce.