US benchmark equity indexes closed mostly higher Friday, with the Nasdaq Composite reaching a new record, as traders assessed the latest economic data, including a report showing a surprise growth in durable goods orders for April.

The technology-heavy Nasdaq rose 1.1% to 16,920.8, while the S&P 500 gained 0.7% to 5,304.7. The Dow Jones Industrial Average was little changed at 39,069.6. Among sectors, communication services led the gainers, followed by tech. Health care was the sole decliner.

For the week, the Nasdaq jumped 1.4%, while the Dow dropped 2.3%. The S&P 500 was almost flat.

Markets will be closed Monday for the Memorial Day holiday.

In economic news, orders for tangible items with an average life of at least three years increased 0.7% sequentially last month to about $284.07 billion, following a downwardly revised 0.8% gain in March, the Census Bureau said. The consensus estimate was for a 0.8% decrease, according to a survey compiled by Bloomberg.

"Firmer durable goods orders and shipments suggest US business investment remains sturdy," BMO Capital Markets said in a note. "It was the third straight monthly advance, led by most major components, including general machinery and computing gear."

US consumer sentiment dropped on a monthly basis in May, but fell less than the market predicted, while year-ahead inflation expectations ticked up, according to the University of Michigan's Surveys of Consumers.

The 10.5% decrease in the headline sentiment gauge brings the index to its lowest reading in about five months, Surveys of Consumers Director Joanne Hsu said.

The US 10-yield fell one basis point to 4.47% Friday, while the two-year rate rose 1.5 basis points to 4.95%.

On Wednesday, minutes from the Federal Reserve's May monetary policy meeting showed that participants indicated the disinflation process was expected to take longer than previously thought.

The minutes pointed to "a growing conversation" around the neutral rate and the potential need for further increases in interest rates, Stifel said in a Friday note. "Overall, Fed speak has become more hawkish as of late given the lack of improvement in inflationary pressures," the brokerage said.

At the meeting, the central bank's Federal Open Market Committee decided to leave its benchmark lending rate unchanged at 5.25% to 5.50% for the sixth straight time.

West Texas Intermediate crude oil increased 1.2% to $77.79 per barrel Friday.

In company news, Deckers Outdoor (DECK) shares jumped 14.2%, the top gainer on the S&P 500. The company late Thursday posted fiscal fourth-quarter results that topped Wall Street's expectations.

Ross Stores (ROST) was the best performer on the Nasdaq and among the best on the S&P 500, up 7.8%. The company's fiscal first-quarter results exceeded the Street's views late Thursday.

Intuit (INTU) shares slipped 8.4%, the steepest decline on the S&P 500 and the second-worst on the Nasdaq. The financial technology platform said late Thursday it expected the number of customers "paying nothing" for filing returns to be more than 10 million for the full year, down from more than 11 million last year.

Intuit's unit share losses in consumer tax and a sequential deceleration in online services growth could "stoke concerns" about sales-growth durability, Morgan Stanley said in a Friday note.

Workday (WDAY) was the worst performer on the Nasdaq, down 15%. The cloud human resources company late Thursday lowered its full-year subscription sales outlook amid slowing headcount growth, despite recording better-than-expected fiscal first-quarter results.

Gold ticked 0.1% lower to $2,357.80 per troy ounce, while silver rose 0.3% to $30.54 per ounce.