Wall St wraps up best week of the year as recession fears fade

The S&P 500 and the Nasdaq notched their seventh straight session of gains, as stocks recouped losses from a tailspin two weeks ago. The sell-off, sparked by weak economic data and heightened recession fears, confirmed the Nasdaq had entered correction territory. "Market activity this year has consistently been based on the likelihood and extent of Fed rate cuts." The S&P 500 gained 11.03 points, or 0.20%, at 5,554.25 and the Nasdaq Composite added 37.22 points, or 0.21%, at 17,631.72. Story continuesAmong the 11 major sectors of the S&P 500, financials enjoyed the biggest percentage gain, while industrials suffered the largest drop.