Stocks edged up again Wednesday with support from another retreat in US bond yields. The Dow Jones industrial average firmed 0.1 percent while the S&P 500 and Nasdaq both rose 0.4 percent. Gains were muted as the S&P 500 fell back from resistance at 4500. The dollar was mixed but mostly weaker and crude oil prices gained.

Megacaps led the advancers after unexpectedly weak second-quarter GDP and ADP employment figures gave US Treasury yields a nudge lower. The market continues to focus on the evident loosening in labor markets suggested by Tuesday's job openings report.

Among sectors, best were consumer discretionary, information technology, health care, energy, and industrials. Utilities underperformed, in keeping with the recent tendency for defensive sectors to lag, which analysts consider a bullish indicator.

Other positives include the return of the market's obsession with artificial intelligence and more news of moves from Chinese authorities to boost markets and the economy.

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.