Equities edged down again Wednesday as the market gave back a bit more of its November advance. The Dow Jones industrial average eased 0.2 percent, the S&P 500 declined 0.4 percent, and the Nasdaq lost 0.6 percent. The dollar, oil prices, and US Treasury yields all declined.

Many stocks fell back in the afternoon as dip-buying in the morning fizzled. Investors evidently viewed the market as due for more consolidation after a surprisingly strong November. Caution before monthly employment figures on Friday and inflation reports next week added to the downside pressure.

On the positive side, lower market interest rates provided a measure of support, in part after data revisions showing a larger than expected decline in unit wage costs and a larger than expected rise in productivity, alongside weaker than expected ADP private payrolls figures.

Energy stocks were notable decliners in response to falling oil prices with crude adding to recent gains on the view that oil output remains too high relative to demand, and as momentum traders pushed prices lower.

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.