04:51 PM EDT, 09/13/2024 (MT Newswires) -- The Standard & Poor's 500 index rose 4% this week amid increasing optimism that the Federal Reserve's policy-setting committee will slash interest rates while the technology sector also rallied on upbeat long-term guidance from Oracle (ORCL).

The S&P 500 ended the week at 5,626.02, almost erasing last week's 4.2% decline. The market benchmark is now down 0.4% for September but in solid positive territory for 2024 with a year-to-date climb of 18%.

Investors are looking ahead to next week's Federal Open Market Committee meeting with bullish expectations. Bets are increasing that the Fed's policy-setting committee may not only cut rates but may curb them by as much as a half-point.

The technology sector led the weekly climb, jumping 7.3%, as Oracle raised its revenue outlook for fiscal 2026 to at least $66 billion from a previous target of $65 billion and forecast fiscal 2029 revenue exceeding $104 billion. Oracle's shares rose 14%.

The consumer discretionary sector was also strong, rising 6.1%, followed by a 4.3% gain in communication services. Industrials, materials, utilities and real estate also rose by more than 3% each.

The gainers in consumer discretionary included shares of cruise operators Norwegian Cruise Line Holdings ( NCLH ) , up 14%, and Carnival (CCL), up 10%.

Just one sector bucked the weekly climb as energy slipped 0.7%. The sector's decliners included shares of APA Corp. ( APA ) , which fell 5.2% as the company said it agreed to sell non-core producing properties in the Permian Basin to an unnamed buyer for $950 million. Analysts at JPMorgan Chase and Wolfe Research lowered their price targets on the stock amid the news of the deal.

Next week, all eyes will be on the two-day FOMC meeting that concludes on Wednesday. Other economic highlights will include the release of August retail sales, industrial production and capacity utilization on Tuesday, August housing starts and building permits on Wednesday, and August existing home sales on Thursday.