A rebound in beaten-down regional bank shares and a rally in Apple lifted equities Friday after four days of declines. Gains were nearly across the board. The Dow industrials rose 1.7 percent, the S&P 500 gained 1.9 percent., and the Nasdaq was up 2.3 percent. US Treasury yields, the dollar, and oil prices all rose. Despite the day's rebound, stocks and oil prices were ending sharply lower on the week.

An unexpectedly positive US jobs report lifted bond yields and oil prices as it assuaged concerns that built through the week about recession, and restored hopes for a soft landing despite the Federal Reserve's aggressive rate increases.

Regional bank stocks recovered as many investors apparently viewed them as oversold, with a boost from analysts at JP Morgan and elsewhere who said the banks were mispriced. PacWest, the week's biggest mover, rallied 82 percent Friday but still ended down more than 40 percent on the week.

Apple advanced 4.7 percent after reporting a better than expected quarter, driven by better than expected iPhone sales even as overall sales declined. Among sectors, best were financials, energy, technology, materials, real estate, and consumer discretionary.

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.