Equities recovered Wednesday after spending the day in negative territory and most stocks weakened despite a late uptick in the major averages. The Dow Jones industrial average firmed 0.2 percent, the S&P 500 gained 0.3 percent, and the NASDAQ was up 1.0 percent. US Treasury yields dropped again, the dollar was mostly lower, and oil prices fell.

After selling off late Tuesday on comments from Treasury Secretary Janet Yellen suggesting the administration would not provide blanket protection for bank deposits, equities got a late boost Wednesday as Yellen repeated that the US would take strong action as needed to head off more bank runs. Investors remained in a gloomy mood as they digested Federal Reserve Chair Jerome Powell's comments Tuesday, including his comment that rate cuts were not pending this year, and his uncertainty about the extent of the banking crisis.

Market breadth remained negative Thursday. The day's worst performers, in addition to regional banks, included energy as oil prices fell on Powell's comments on the economic outlook, and Energy Secretary Jennifer Granholm's comment that it would take years for the US to re-fill its Strategic Petroleum Reserve.

Other lagging sectors included chemicals, machinery, airlines, utilities, managed care, and real estate investment trusts. On the positive side, FANMAGs and big tech generally held up well, along with homebuilders, grocery stores, pharma, and biotech.

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.