Equities closed nearly flat Thursday in quiet trading as the market lacked impetus to extend its recent advance or much selling interest either. The Dow Jones industrial average and the S&P 500 percent both firmed 0.1 percent, and the Nasdaq was down 0.1 percent. US Treasury yields rose while oil prices and the dollar declined.

A rebound in market interest rates after declines earlier in the week restrained the major averages. A batch of somewhat weaker than expected economic indicators attracted little interest.

The S&P 500 is holding its gains but has not so far moved above its record high of 4,796.56 set in January 2022. Big technology shares and the Nasdaq have had a huge year to lead the market higher on the artificial intelligence craze, which shows no sign of diminishing.

Among sectors Thursday, best were technology, financials, health care, and communication services. Lagging were consumer discretionary, energy, materials, and real estate. Energy suffered with the selloff in oil prices.

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.