Stocks extended Wednesday's dip-buying move Thursday with support from declining bond yields. The Dow Jones industrial average rose 0.9 percent, the S&P 500 gained 0.6 percent, and the Nasdaq firmed 0.3 percent. US Treasury yields declined while the dollar and oil prices rose.

Weaker than expected retail sales figures depressed bond yields and helped equities continue Wednesday's rebound after Tuesday's nasty selloff. Value stocks and small caps outperformed growth.

Weakness in heavily weighted big tech stocks like Alphabet, Nvidia and Microsoft held back the Nasdaq and S&P. Cisco was another downer after issuing disappointing guidance. On the positive side, Shake Shack and Crocs were notable winners after upbeat results and guidance pointing to resilient consumer demand.

Among sectors, best were materials, real estate, financials, energy, and consumer staples while information technology lagged. Energy stocks had a good day with oil prices lifted by risk-on sentiment despite a bearish demand forecast from the International Energy Agency.

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.