S&P 500 Posts 1.2% Weekly Gain in Broad Climb Led by Telecom; Financials Lag

The Standard & Poor’s 500 index rose 1.2% this week in a broad climb led by the telecommunications sector, while the technology sector was also strong amid the unveiling of Apple’s (AAPL) latest iPhones and Apple Watch.

The market benchmark ended the week at 2,904.98, up from last week’s closing level of 2,871.68.

The telecommunications sector had the largest percentage gain of the week, up 2.9%, followed by a 2.0% increase in energy, and 1.9% rise in industrials and a 1.8% boost in technology. Just one sector was in the red versus Friday’s close: financials, down 0.4%

The gains across telecommunications and technology stocks in particular came as Apple on Wednesday revealed its largest and most expensive slate of iPhones amid hopes consumers will be willing to pay up for bigger screens, faster processers and longer-lasting batteries. The highest-priced phone, at $1,099, is $100 above Apple’s prior highest-priced phone. The company’s newest Apple Watch, meanwhile, has new medical-monitoring capabilities.

Amid investors’ enthusiasm for the devices, shares of Apple (AAPL) added 1.1% this week while shares of telecommunications companies AT&T (T) and Verizon Communications (VZ), which will have two of the newest iPhones plus the Apple Watch available Sept. 21, rose 4.6% and 1.0%, respectively.

On the downside, the financial sector’s decliners included Nasdaq (NDAQ), whose shares fell 2.6% as the exchange operator said it has made an offer to purchase Cinnober, a Swedish financial-technology company that serves brokers and exchanges globally, for $190.1 million in cash.

KeyCorp (KEY) shares fell 5.5% this week after the regional bank’s chief financial officer said at a conference that total loans for the year are likely to come in toward the lower end of its guidance range.