Another day of declining bond yields and lower oil prices helped equities edge up Wednesday in uncertain, trendless trading. The Dow Jones industrial average rose 0.2 percent, the S&P 500 gained 0.4 percent and the Nasdaq firmed 0.7 percent. US Treasury yields, oil prices and the dollar all declined.

Markets continued to react to a perceived dovish shift from the Federal Reserve after a few Fed bank presidents suggested rising bond yields and past rate hikes may mean no more rate increases are needed. Fed Chair Jerome Powell was notably not one the officials speaking. Risk appetite derived modest support as the Israel-Hamas crisis has not widened yet to include Iran and others.

Earlier, hotter than expected producer price figures weighed on equities but the selloff was short-lived. Minutes from the last Federal Open Market Committee meeting gave the market a modest lift late in the day as investors chose to focus on the Fed's evident caution about further rate increases.

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.