The Standard & Poor’s 500 index ended the week up just 0.1% from last week as gains in sectors including telecommunications and financials managed to slightly outweigh declines in a number of other sectors including real estate, utilities and consumer staples.

The market benchmark ended the week at 2502.22, up from last Friday’s closing level of 2,500.23. Last week’s closing level had marked a record high at the time. The index set a new record above that on Wednesday at 2,508.85.

This week’s small movement came as gains and declines across a number of sectors nearly canceled each other out. The upside was led by telecommunications, up 3.8%, and financials, up 2.6%. Meanwhile, the downside was driven by drops of 2.8% each in real estate and utilities as well as a 2.3% decline in consumer staples.

The telecommunications sector’s climb comes on top of a 3.9% jump last week as investors are anticipating wireless carriers will receive strong demand for Apple’s (AAPL) newest slate of iPhone models as well as the Apple Watch. The iPhone 8, iPhone 8 Plus and Apple Watch Series 3 became available Friday at Verizon Communications (VZ) and AT&T (T) locations. Verizon shares jumped 4.3% on the week while AT&T added 4.0%.

The financial sector’s gains came as the Federal Open Market Committee on Wednesday left rates unchanged while signaling it is on track to raise short-term terms later this year, seen as a sign of optimism for the US economy. The advancers included Goldman Sachs Group (GS), up 2.6% on the week; Morgan Stanley (MS), up 3.6%; and Wells Fargo (WFC), up 5.0%.

On the downside, the real-estate sector’s decliners included HCP (HCP), which fell 5.4% even as the real-estate investment trust said its preliminary assessment indicates its assets in regions impacted by Hurricane Irma incurred either no or limited wind, flood or other storm-related damage. It said utility power has been restored at all but one property. Weighing on the shares, Bank of America downgraded its investment rating on the stock to neutral from buy.

The utilities sector’s drop came as investors accounted for the expected impacts of many utilities’ exposure to areas affected by the recent hurricanes. Among them, NextEra Energy (NEE) was down 2.5% this week as the company said while its Florida Power & Light subsidiary has restored service to nearly 99% of its customers impacted by hurricane Irma, customers may experience outages over the coming weeks and months due to weakened trees and branches that could fall and impact power lines and electric equipment.

The consumer staples sector’s decliners included General Mills (GIS), which fell 8.2% this week amid its report of weaker-than-expected fiscal Q1 results. RBC Capital Markets cut its price target on the stock following the report, saying General Mills “will need to recover from a much deeper trough than we would have anticipated.”

Procter & Gamble (PG) slipped 1.1% from a week ago amid the consumer-products company’s proxy fight with hedge-fund operator and activist investor Nelson Peltz of Trian Fund Management. Peltz is seeking a seat on P&G’s board while the company is urging shareholders to reject him, saying Friday that Peltz “lacks specific qualities” that the company is looking for. Trian meanwhile received support from proxy advisory firm Glass Lewis for its nomination of Peltz.


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