Stocks ended mostly better Friday, and the S&P 500 closed above 5,000 for the first time, with big technology shares and growth stocks leading, even as small caps joined the party. The Dow Jones industrial average eased 0.1 percent, the S&P 500 rose 0.6 percent, and the Nasdaq advanced 1.3 percent. US Treasury yields, the dollar rose and oil prices all rose.

Earnings and company news remained in focus, with no big change in the macroeconomic backdrop. Risk appetite got a lift early Friday as feared upward revisions in consumer price figures did not materialize. Meanwhile, Federal Reserve officials continued to push back on expectations for near-term interest rate buts but investors expect the pivot to come by May.

Among sectors Friday, chipmakers advanced, paced by Nvidia, along with software companies, as investors stay focused on the artificial intelligence growth story. Other winners included media, regional banks, trucking, apparel, and auto suppliers. Lagging were food & beverage, health & personal care, big banks, cruise lines, and restaurant chains, largely on earnings news.

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.