A rally in big technology shares led stocks higher Friday as investors extended the buy the dip move after last week's losses. The Dow Jones industrial average gained 0.5 percent, the S&P 500 rose 0.8 percent, and the Nasdaq was up 1.0 percent to set another record closing high. The Dow and S&P 500 were approaching their record closing highs as well. US Treasury yields and the dollar rose while oil prices declined.

Apple was the day's big winner to lead tech stocks up for a second straight day after the firm pledged to boost its US manufacturing. Other Magnificent 7 stocks rallied Friday too. The selloff on weak US employment figures last week gave way to extended bargain-hunting this week as concerns about tariffs and a slowing economy appeared to recede.

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.