01:37 PM EDT, 03/14/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday amid expectations that a looming government shutdown would be avoided.

The Nasdaq Composite was up 2.5% at 17,735.9 after midday Friday, while the S&P 500 added 2% to 5,634.5. The Dow Jones Industrial Average increased 1.5% to 41,439.9. All sectors were higher, led by technology and energy.

"The market appears optimistic the US government can avoid a shutdown (Friday night) after Senate Democratic Leader Chuck Schumer reportedly dropped his objection yesterday to the latest spending bill proposal," Stifel said in a note.

In economic news, US consumer sentiment plunged to 57.9 in March from 64.7 last month, preliminary results from a survey by the University of Michigan showed. A Bloomberg-compiled consensus had indicated a 63 print.

Year-ahead inflation expectations jumped to 4.9% this month -- the highest reading since November 2022 -- from 4.3% in February. Price growth over the next five years is pegged at 3.9%, compared with 3.5% in February.

"Expectations for the future deteriorated across multiple facets of the economy," Surveys of Consumers Director Joanne Hsu said. "Many consumers cited the high level of uncertainty around policy and other economic factors."

Gold was up 0.3% at $2,999.80 per troy ounce intraday. Spot gold climbed past $3,000 for the first time earlier in the day.

"Tariff concerns that risk higher inflation and slower economic growth are spurring demand for safe-haven assets like gold," ING said.

Silver was little changed at $34.32 per ounce intraday.

US Treasury yields were up, with the two-year rate rising 5.4 basis points to 4% and the 10-year rate gaining 2.5 basis points to 4.30%.

In company news, Ulta Beauty ( ULTA ) shares were up nearly 13%, the top gainer on the S&P 500. Although the beauty retailer's full-year guidance missed Wall Street's estimates late Thursday, it showed potential for positive earnings revisions in the coming quarters, UBS said.

Crown Castle ( CCI ) was the second-best performer on the S&P 500 intraday Friday, up 10%. The company has agreed to sell its small cells and fiber solutions businesses for a combined $8.5 billion to separate buyers after a strategic review.

Regeneron Pharmaceuticals ( REGN ) shares were down 2.5% intraday Friday, the second-worst performer on the S&P 500, following media reports that a US appeals court denied the company's request to block sales of biosimilar versions of its drug Eylea.

West Texas Intermediate crude oil was up 0.7% at $67.03 a barrel.