U.S. Stocks Rally as Economic Fears Subside

U.S. stocks experienced their largest weekly percentage gains of the year, easing recession fears and capturing investor attention ahead of the Jackson Hole symposium. The S&P 500 and Nasdaq extended their seven-session winning streaks, driven by promising economic data. Financial sectors led gains, while real estate lagged.

U.S. stocks edged higher on Friday, capping off their largest weekly percentage gains of the year, as concerns over an economic downturn eased.

The S&P 500 and the Nasdaq Composite Indexes extended their seven-session winning streaks, recovering from losses prompted by weak economic data two weeks ago. Investors are now looking forward to the Jackson Hole symposium next week.

A barrage of high-profile economic data, including the Labor Department's consumer price index and the Commerce Department's retail sales report, alleviated inflation worries. Financial sectors enjoyed big gains, while real estate declined. Federal Reserve Chair Jerome Powell's upcoming speech at the symposium could set expectations for future rate cuts.