Equities advanced across the board Wednesday, led by rising bank stocks as financial stability worries continued to ease. The Dow industrials rose 1.0 percent, the S&P 500 gained 1.4 percent, and the Nasdaq was up 1.8 percent. US Treasury yields rose, the dollar mostly weakened, and oil prices slipped.

The S&P 500's move above 4,000 was viewed as as positive. Among sectors, tech and other growth stocks were among the top performers after weakening the last few days, with FANMAGs having a good day. More stable interest rates supported the sector.

Tech stocks got a boost from strength in Chinese tech, especially Alibaba, up strongly after a restructuring. Earnings provided support, especially in consumer-oriented stocks, with positive results from Lululemon helping sports apparel outperform. Airlines, hotels, casinos, and cruise lines lifted travel & leisure. UBS showed strength to help bank stocks on news it was bringing back Sergio Ermotti as its CEO.

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.