Stocks advanced across the board Thursday with a boost from decent economic data and hopes for a revival in the dormant IPO market. The Dow Jones industrial average gained 1.0 percent while the S&P 500 and the Nasdaq both rose 0.8 percent. US Treasury yields and the dollar rose while oil prices surged.

The rally in ARM shares on their first day of trading lifted investor confidence as many saw its big 25 percent gain as a sign that the IPO market is back. Upbeat retail sales figures and mostly as-expected producer price figures supported risk appetite too as investors judged the reports as showing an economy that was resilient while inflation continues to ebb.

Energy stocks had a huge day as oil prices advanced, with benchmark West Texas intermediate crude topping $90 a barrel as the market reacted to record consumption and outut cuts from Saudi Arabia and Russia.

Other sectors outperforming included real estate, utilities, materials, and industrials. Technicals also provided support with the S&P 500 and the Nasdaq both moving past their 50-day moving averages.

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.