Stocks seesawed to end narrowly mixed Thursday after recovering from early losses as bond yields retreated. The Dow Jones industrial average lost 1.9 percent, the S&P 500 dipped 1.6 percent, and the Nasdaq was down 1.4 percent. Bond yields and oil prices fell while the dollar rose.

News that the US House of Representatives had approved President Trump's big tax and immigration bill pushed bond yields higher in early trading but as yields fell back, stocks recovered too. The market has recoiled from the bill on fear that it will balloon budget deficits and boost government borrowing.

Among sectors Thursday, big technology shares were among the best performers with the Magnificent Seven shares leading. On the downside, United Health and other health insurers continued to fall amid concerns about more aggressive government audits of Medicare plans. Solar stocks got whacked on Thursday as the tax bill would end clean energy credits.

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.