Equity indexes ended nearly flat Thursday but stocks were mostly higher in quiet trading with the major averages holding on to remarkable gains for the first quarter. The Dow Jones industrial average and the S&P 500 both firmed 0.1 percent and the Nasdaq declined 0.1 percent. The S&P gained 10 percent in Q1. For Thursday, US Treasury yields and oil prices rose while the dollar slipped.

Investors continued to observe buying interest shifting into market segments that have lagged so far this year while growth stocks that have led the way retreat a bit. The market's resilience in the face of selling pressure in big technology favorites this week was seen as a sign of underlying strength.

On the negative side, comments late Wednesday from Federal Reserve Board Governor Christopher Waller came across as hawkish, while Thursday's economic reports came in mixed. A lower than expected consumer inflation expectations figure was a plus.

Among sectors, best performers included homebuilders, energy, retailers, banks, credit cards, insurance and casinos. Lagging were health care, machinery, cruise lines, and semiconductor equipment stocks.

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.