04:47 PM EDT, 09/20/2024 (MT Newswires) -- The Standard & Poor's 500 index rose 1.4% this week as investors cheered a half-point rate cut by Federal Reserve officials.

The market benchmark ended Friday's session at 5,702.55, up from its closing level a week ago but shy of the index's closing high of 5,713.64 and its intraday high of 5,733.57. Both records were set on Thursday, a day after the Fed's rate cut.

The S&P 500 is now up about 1% for September, which puts the index up nearly 20% for the year to date.

The half-point rate reduction marked the Federal Open Market Committee's first time lowering rates since 2020 and brings the federal funds rate to a range of 4.75% to 5%.

The S&P 500 had already jumped 4% last week as investors grew more hopeful that the FOMC would not only cut rates this week but would cut them by as much as a half-percentage point. This week's advance was smaller but reflected relief after investors' hopes were realized.

All but three of the S&P 500's 11 sectors rose this week. The gainers were led by energy, which climbed 3.8%, followed by a 3.7% rise in communication services and a 2.3% advance in financials. Other sectors up by at least 2% included consumer discretionary, industrials, and utilities.

The energy sector's climb came as crude oil futures also rose. Among the gainers, shares of Baker Hughes ( BKR ) climbed 7.9% on the week and Marathon Oil ( MRO ) shares added 6.9%.

In communication services, shares of Meta Platforms (META) rose 7% as the parent of Facebook and Instagram rolled out Instagram Teen Accounts with built-in protections that limit who can contact teens, the content they see, and the time they spend on the app.

On the downside, real estate fell 1.3%, followed by a 1.2% drop in consumer staples and a 0.6% slip in health care.

The decliners in real estate included shares of Regency Centers ( REG ) , which fell 4.1%. Evercore ISI downgraded its investment rating on the stock to in-line from outperform, even as the firm raised its price target on the shares to $75 from $72.

Next week's closely watched economic reports will include August's personal consumption expenditures price index, which is considered the Fed's preferred measure of inflation, on Friday. Investors will also be looking at the second revision of Q2 gross domestic product on Thursday.

Other data expected next week include September consumer confidence, August new home sales, pending home sales, and September consumer sentiment.