Netflix and megacaps outperformed Friday to lift equities. The Dow Jones industrial average gained 0.1 percent, the S&P 500 firmed 0.4 percent, and the Nasdaq rose 0.6 percent. The S&P set another all-time high and advanced for a sixth straight week. Bond yields retreated to consolidate their recent move higher. The dollar and oil prices dipped.

Netflix rallied after reporting blowout quarterly results to lift communications services. Apple and other megacaps helped information technology outperform with a lift from lower bond yields. Real estate and utilities were the two other best performers.

On the downside, energy shares lagged as oil prices remained under pressure. Disappointing earnings news weighed on old economy shares including Procter & Gamble and American Express to dampen the Dow industrials.

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.