Stocks ended narrowly mixed Wednesday as investors remained gloomy and risk averse after Tuesday's nasty selloff spurred by fear of more rate increases. The Dow Jones industrial average eased 0.3 percent, the S&P 500 declined 0.2 percent, and the NASDAQ firmed 0.1 percent. US Treasury yields declined, the dollar rose, and oil prices dropped.

Release of minutes from the Federal Reserve's policy meeting three weeks ago did little to alter the market mood. The minutes showed policy-makers generally agreed it made sense to slow the pace of rate increases and to hold rates at a high level as long as needed to tame inflation. Some argued for a larger rate increase and warned it would be an error to let up prematurely in the Fed's anti-inflation fight. Economic indicators since the meeting have underlined concern that the economy accelerated around year end and the view that still more rate increases will be needed.

Most sectors were down. Among the day's worst performers were mining, energy, financials, biotech, and crypto stocks. Energy tracked oil prices lower. Holding up best were building materials, homebuilders, technology, restaurants, and retail.

Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.

Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.