A 209,000 rise in nonfarm payrolls nearly hit Econoday's consensus for 213,000 and lifted the three-month average to 244,000, a level that is arguably robust. This together with a lack of improvement in wage pressures, which have risen 0.4 percent on the month and 4.4 percent on the year for the last three reports in a row, would seem more than enough for the Federal Reserve to resume raising rates at the month-end FOMC.

This prospect is no surprise and didn't jolt Friday's markets which were mostly flat. The Dow slipped 0.6 percent and the Nasdaq 0.1 percent. Oil rose nearly $2 on the session to test $74 and gave energy stocks a lift, especially oil services companies including Schlumberger, up 8.6 percent, and Halliburton up 7.8 percent.

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.