04:55 PM EDT, 09/27/2024 (MT Newswires) -- The Standard & Poor's 500 index rose 0.6% this week amid data showing the Q2 economic growth rate held steady while inflation continued to cool last month.

The market benchmark ended Friday's session at 5,738.17, marking its third consecutive weekly gain.

With just one trading session remaining in the month, the S&P 500 is on track to close out September in positive territory, which would mark its fifth monthly gain in a row. It is now up 1.6% for September and 20% for 2024.

Key economic reports this week included the second revision of Q2 gross domestic product as well as the August personal consumption expenditures price index, the Federal Reserve's preferred inflation measure.

The GDP report showed the Q2 US economic growth rate held steady despite expectations for a slight downward revision. Real gross domestic product increased at a 3% annualized rate in the June-ended quarter, unchanged from a previously projected pace. The consensus was for a downward revision to a 2.9% reading in a survey compiled by Bloomberg.

The PCE index for August, meanwhile, rose by 0.1% in August, right on expectations and slowing the year-over-year rate to 2.2% from 2.5% in July. The price index rose by 0.2% month-over-month in July.

All but four sectors in the S&P 500 rose this week. The gainers were led by materials, up 3.4%, and consumer discretionary, up 1.8%. Other sectors up by at least 1% included industrials, technology, utilities and communication services.

Gainers in the materials sector included shares of Freeport-McMoRan ( FCX ) , which jumped 15% on the week. The metals company's board of directors maintained its quarterly dividend rate at $0.15 per share.

In consumer discretionary, the top performer was Wynn Resorts ( WYNN ) , up 22% as Morgan Stanley upgraded its investment rating on the stock to overweight from equalweight while also raising its price target on the stock. In a note to clients, Morgan Stanley said it expects Wynn to benefit from greater stability in Las Vegas, a shift toward higher-end customers, new attractions, and increased reinvestment compared to peers.

On the downside, the health care sector shed 1.1%, followed by a 0.8% drop in energy, a 0.5% decline in financials and a 0.2% slip in real estate.

The decline in energy came as crude oil futures also fell on a weekly basis. Decliners included shares of Regeneron (REGN), which fell 8.9% as a federal judge rejected the company's effort to keep Amgen's (AMGN) Eylea biosimilar retina medication off the market.

With the month and Q3 concluding on Monday, investors will be keeping a close eye on the release of September employment data later in the week as they begin the final quarter of 2024.