A strong showing for big technology earnings helped lift stocks Thursday with the S&P 500 scoring its eighth straight advance. The Dow Jones industrial average rose 0.2 percent, the S&P 500 firmed 0.6 percent, and the Nasdaq gained 1.5 percent. Bond yields, the dollar and oil prices all rose.

News late Wednesday of upbeat quarters from Meta and Microsoft helped technology outperform as Magnificent Seven shares continue a strong run of results. Other tech shares faring well Thursday included communications/networking, semiconductors, software. Non-tech winners included chain stores, energy, building products, auto suppliers, travel & leisure, and aerospace & defense.

US Treasuries had a wild day of volatility with coupon yields ending six to eight basis points higher with 2-year notes the worst performer. In economic data, the manufacturing purchasing managers report was slightly better than expected, though weak, and jobless claims came in much higher than expected, while construction spending was notably weaker. On trade, there wasn't much to go on Thursday although traders noted positive sounding comments from Mexico's Claudia Sheinbaum.

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.