Equities ended flat to better Friday in lackluster trading as a recovery in megacaps helped the major indexes retrace morning declines. Stocks were ending the week flat to lower after mostly directionless trading. Big tech earnings next week are expected to generate more interest.

For Friday, the Dow industrials, the S&P 500, and the Nasdaq all edged up 0.1 percent. US Treasury yields and oil prices rose while the dollar fell.

An uptick in bond yields after stronger than expected US S&P purchasers data weighed on equities in the morning, and played into the week's fixation on hawkish-sounding comments from Federal Reserve officials.

Among sectors, best performers were consumer discretionary, communications services, health care, and consumer staples. Upbeat results from Healthcare Inc. boosted health care stocks, and a good quarter from Procter & Gamble helped consumer staples.

Lagging were technology, materials, and financials. Bank stocks were notable losers with regional banks hit by a disappointing quarter from Regions Financial. Bad earnings news weighed on Freeport McMoRan to depress materials.

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.