Stocks advanced Friday with a huge boost from big technology stocks after upbeat quarterly results. The Dow Jones industrial average rose 0.4 percent, the S&P 500 gained 1.1 percent, and the Nasdaq rallied 1.7 percent. US Treasury yields jumped while the dollar and oil prices declined.

A surprisingly strong US jobs report pushed up market interest rates and posed a significant drag for stocks although many investors took note of Federal Reserve Chair Jerome Powell's comment that inflation could continue lower while the employment market stays strong. That comment was echoed Friday by Chicago Fed President Austan Goolsbee, who downplayed the impact of the latest job data on the near-term policy outlook. Investors are focusing on the theme of economic resilience as another bullish factor.

Among megacaps, Meta rallied 20 percent Friday after a big earnings beat and dividend announcement. Amazon had a big day too on an array of positive takeaways from its quarterly report. Apple lagged as the market has reacted badly to concerns about its slowing Chinese business, but the iPhone maker rebounded from a 4 percent selloff in the morning to close only 0.5 percent lower.

Among sectors, best were consumer discretionary, communications services, information technology, industrials, financials, and consumer staples. Lagging were utilities, materials, and real estate.

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.