Equities ended mostly better Tuesday with a late flurry of buying after a quiet session. The Dow Jones industrial average was flat, the S&P 500 firmed 0.2 percent to a new record high, and the Nasdaq gained 0.1 percent. US bond yields, the dollar rose and WTI crude oil prices all rose.

Macro news was limited with not much reaction to a much weaker than expected home builders report and a better than expected manufacturing update in the Empire State report. Immediate concern about Trump tariffs has faded for the moment as the issue appears largely in abeyance until April.

Megacap weakness kept the major indexes in check even as the broad market had a decent day.

Rising oil prices helped energy shares outperform. Materials, industrials, financials and utilities outperformed while consumer discretionary, communications services and health care lagged. Intel was a big winner on takeover speculation.

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.