Stocks were flat to higher Friday in directionless trading as markets await the Federal Reserve policy meeting next week. The Dow Jones industrial average and the S&P 500 both firmed 0.2 percent and the Nasdaq edged up 0.3 percent. US Treasury yields and oil prices rose while the dollar was mixed.

Markets got no real impetus from the latest batch of economic reports including better than expected consumer sentiment figures and PCE inflation figures mostly matching expectations. Higher bond yields have become a bit of a problem for risk appetite as expectations solidify for President Trump's loyalist Kevin Hassett to be named Fed chair soon.

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.