05:01 PM EDT, 04/16/2024 (MT Newswires) -- US benchmark equity indexes closed mixed Tuesday after Federal Reserve Chair Jerome Powell indicated interest rates may remain elevated for longer than expected amid a "lack of further progress" on the inflation front so far this year.

The S&P 500 fell 0.2% to 5,051.4, while the Nasdaq Composite lost 0.1% to 15,865.3. The Dow Jones Industrial Average rose 0.2% to 37,799. Real estate and utilities led sector decliners, while technology paced the gainers.

Powell said the economy remains strong, and the Federal Open Market Committee can maintain the current level of monetary policy restriction "for as long as needed" until there's more evidence of an inflation slowdown, CNBC reported.

Separately, Fed Vice Chair Philip Jefferson said it would likely be appropriate for policymakers to stick with the current restrictive monetary policy stance for longer than expected if inflation fails to cool as predicted.

The FOMC tightened monetary policy by 525 basis points from March 2022 through July 2023 to combat inflation. It has held interest rates steady since then.

The US two-year yield rose 4.7 basis points to 4.99% Tuesday, while the 10-year rate added 3.9 basis points to 4.67%.

Growth in the global economy, including in the US, is expected to be stronger than previously forecast this year, with most indicators pointing to a soft landing, though "numerous challenges" remain, the International Monetary Fund said.

"The global economy remains remarkably resilient, with growth holding steady as inflation returns to target," IMF Economic Counsellor Pierre-Olivier Gourinchas said.

US housing starts fell more than expected last month as both single- and multi-family building projects notched double-digit declines, government data showed.

US industrial production increased in line with market projections last month as manufacturing output outpaced expectations while mining activity fell, Fed data showed.

West Texas Intermediate crude oil fell 0.1% to $85.29 per barrel Tuesday.

In company news, Live Nation Entertainment (LYV) shares slumped 7.6%, the steepest decline on the S&P 500. The Wall Street Journal reported that the US Department of Justice is preparing an antitrust lawsuit against the company, alleging that Live Nation has used its dominance in concert promotion to undermine competition for ticketing live events.

UnitedHealth Group (UNH) shares gained 5.2%, the top performer on the Dow and among the best on the S&P 500, after the health insurer reiterated its full-year adjusted earnings outlook, even as it absorbs the impact of the cybersecurity incident involving its Change Healthcare unit in February.

Super Micro Computer (SMCI) was the top gainer on the S&P 500, up nearly 11%, as Loop Capital adjusted its price target on the stock to $1,500 from $600 while maintaining a buy rating.

Gold rose 1% to $2,406.50 per troy ounce, while silver fell 1.5% to $28.30 per ounce.