US benchmark equity indexes closed higher Thursday, while Treasury yields retreated as markets assessed the latest corporate earnings, economic data, and tariff updates.

The Nasdaq Composite rose 1.5% to 19,945.6, while the S&P 500 increased 1% to 6,115.1. The Dow Jones Industrial Average advanced 0.8% to 44,711.4. All sectors posted gains, led by materials and consumer discretionary.

In company news, AppLovin (APP) shares surged 24%, the top gain on the Nasdaq. Late Wednesday, the company delivered Q4 beats on earnings and revenue.

MGM Resorts International (MGM) was the biggest gainer on the S&P on Thursday, up almost 18%. The company late Wednesday posted Q4 adjusted earnings and revenue that fell less than projected.

West Pharmaceutical Services (WST) shares tumbled 38%, the biggest drop on the S&P, after the company issued a downbeat full-year outlook.

Trade Desk (TTD) shares slumped 33%, the steepest decline on the Nasdaq. The company late Wednesday logged Q4 revenue that fell short of Wall Street's views.

The US 10-year yield dropped 9.9 basis points to 4.54% Thursday, while the two-year rate lost 5.4 basis points to 4.31%.

In economic news, US producer price growth rose more than the Street's expectations last month as wholesale costs of goods increased amid a jump in diesel fuel, the Bureau of Labor Statistics reported.

"A hotter-than-expected producer price report on the heels of yesterday's rise in the (consumer price index) report reinforces concerns of ingrained inflationary pressures in the economy and further upside price risks given an aggressive fiscal policy agenda," Stifel said. "As such, hopes of further policy relief from the (Federal Reserve) is off the table, at least for now, or until inflation stabilizes and/or the labor market shows meaningful signs of cooling."

Weekly applications for unemployment insurance in the US dropped more than projected, according to government data.

"We now think the Fed will keep rates on hold for most of 2025 and look for only one rate cut this year, to come in December," Oxford Economics said.

Earlier this week, Fed Chair Jerome Powell said policymakers do "not need to be in a hurry" to adjust interest rates as the economy remained strong.

West Texas Intermediate crude oil gained 0.1% to $71.42 a barrel on Thursday.

President Donald Trump signed a memorandum outlining his plan to impose reciprocal tariffs on other countries, media outlets reported. "They charge us a tax or tariff and we charge them," Trump said, according to reports.

Gold rose 1% to $2,957.30 per troy ounce, while silver gained 0.6% to $32.99 per ounce.