Carryover momentum after Friday's rebound lifted equities Monday with gains nearly across the board. Renewed hopes for a peak to Federal Reserve interest rates helped US Treasury yields retreat too as investors generally viewed Fed Chair Jerome Powell's Jackson Hole comments as balanced.

The Dow Jones industrial average and the S&P 500 both rose 0.6 percent and the Nasdaq gained 0.8 percent. Megacaps had a muted day to restrain the gains. US Treasury yields declined while the dollar and crude oil prices gained.

Company news provided support, with 3M in particular boosting the Dow and industrials after the company tentatively settled a huge lawsuit in connection with providing faulty combat earplugs to the military. Hawaiian Electric was a big winner after it said its powerlines were not energized when fires broke out in Maui.

Among sectors, best performers included energy, with support from rising oil, plus social/search stocks, materials, real estate investment trusts, auto suppliers, banks, rails, airlines, and casinos. Lagging were health care including selected biotech and pharma, plus homebuilders, apparel restaurant chains, cruise lines, health & personal care, and networking/communications stocks.

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.