Another strong showing for the ISM services index, steady at 55.1 in February, contrasted with Wednesday's sub-50 showing for ISM manufacturing. New orders in the services survey are surging, up another 2.2 points to 62.6 and pointing to extending strength for the bulk of the economy (with or without manufacturing).

Interest rates had moved higher all week but fell back sharply today, down 11 basis points for the 10-year yield to 3.96 percent ending the week up only 1 basis point. Whether the Fed hikes rates by 25 or by 50 basis points at mid-month is still in question.

The Dow industrials rose 1.2 percent while the Nasdaq jumped 2.0 percent. Chip-maker Broadcom, up 5.7 percent, and medical device maker Cooper Cos, up 7.3 percent, both reported strong earnings. Ford, up 4.2 percent, is ramping up production including electric vehicles.

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.