Stocks ended mostly better Monday in a relief trade with a recovery in bank stocks on news regulators had arranged a sale of troubled Silicon Valley Bank, and as investors reacted to relative calm in the bank space. A late selloff trimmed the day's gains as the Dow industrials rose 0.6 percent, the S&P 500 gained 0.2 percent, and the Nasdaq ended down 0.5 percent. The dollar was mostly lower and oil prices fell.

US Treasury yields surged as the market continued to unwind its flight to safety after news that the FDIC had managed to sell SVB's remaining assets to First Citizens Bank ahead of the US stock open Monday.

Best performers, in addition to financials, included energy and materials, with support from a rebound in crude oil and commodities prices. Other winners included materials, industrials, and consumer staples.

Megacaps lagged with communications services and technology pulling back after outperforming lately. Others giving back recent gains included homebuilders, with rising interest rates, plus cruise lines, and department stores.

Defensive stocks remained in demand, including discount retailers such as Walmart, plus tobacco, food & beverage, and big pharma. Among industrials, best performers included road & rail, airlines, multi-line industrials, and machinery.

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.