US benchmark equity indexes closed higher Thursday as traders analyzed the latest set of corporate earnings and economic data.

The S&P 500 rose 0.5% to 6,071.2, while the Dow Jones Industrial Average gained 0.4% to 44,882.1. The Nasdaq Composite added 0.3% to 19,681.8. Barring technology, all sectors closed higher, led by utilities.

In company news, IBM (IBM) shares jumped nearly 13%, the best performer on the Dow and the second-best on the S&P 500. The company delivered a fourth-quarter earnings beat late Wednesday.

Mastercard (MA) posted better-than-expected fourth-quarter results Thursday amid robust consumer spending. The payments giant's shares increased 3.1%.

Comcast (CMCSA) shares declined 11%, the worst performer on the Nasdaq and among the worst on the S&P 500. The media and connectivity giant logged a sharper fourth-quarter loss in domestic broadband subscribers than it previously expected, and said there's likely no competitive relief in sight.

Caterpillar (CAT) said it expected softer 2025 revenue than last year's level amid ongoing weakness in the construction and resource industries after reporting top- and bottom-line declines in the fourth quarter. The company's shares fell 4.6%, the second-steepest drop on the Dow.

The US 10-year yield decreased 3.5 basis points to 4.52%, while the two-year rate dropped 2.3 basis points to 4.20%.

In economic news, the US economy grew at an annual rate of 2.3% in the fourth quarter, according to an advance estimate by the Bureau of Economic Analysis. The consensus was for a 2.6% gain in a survey compiled by Bloomberg. Official data showed that inflation sped up in the quarter.

"We may see consumer spending slow and drift back to trend over the next few quarters, but we do not see any evidence of an inflection point that would push the economy into a recession any time soon," Jefferies said.

Pending home sales in the US unexpectedly declined in December after four consecutive months of gains, the National Association of Realtors said.

Weekly applications for unemployment insurance in the US dropped unexpectedly, while continuing claims also fell, government data showed.

West Texas Intermediate crude oil rose 0.3% to $72.85 a barrel Thursday.

On Wednesday, the Federal Reserve left its benchmark lending rate unchanged following three straight cuts, saying that inflation remained "somewhat elevated."

The Federal Open Market Committee's statement on Wednesday showed an upwards assessment of the labor market and downwards assessment of inflation improvement. This suggests that policymakers are "increasingly willing to take a prolonged position on the sideline," if warranted by incoming data, Stifel said in a Thursday note to clients.

Gold rose 2% to $2,848.20 per troy ounce, while silver jumped 3.9% to $32.62 per ounce.