By Victor Reklaitis and Carla Mozee, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks closed mostly lower on
Friday, with the S&P 500 pulling back from Thursday's record
close as Ukraine-Russia worries ramped up again.
Investors also appeared to shrug at speeches by Federal Reserve
Chairwoman Janet Yellen and European Central Bank President Mario
Draghi, as their comments largely matched expectations.
The S&P 500(SPX) slipped by 3.97 points, or 0.2%, to finish
at 1,988.40, while the Dow Jones Industrial Average(DJI) shed 38.27
points, or 0.2%, to end at 17,001.22, according to early FactSet
data. The Nasdaq Composite(RIXF) bucked the negative trend, tacking
on 6.45 points, or 0.1%, to close at 4,538.55.
The three main indexes all achieved their third weekly gain in a
row. The S&P 500 advanced by 1.7% for the week, while the Dow
rose 2% and the Nasdaq, 1.7%.
Stocks traded roughly flat after Yellen's speech, then slumped
to session lows after fresh Ukraine-Russia reports before paring
losses. The reports said NATO viewed a buildup of Russian forces
near Ukraine as alarming, and the organization condemned the entry
of a Russian convoy into Ukraine.
Careful comments in Jackson Hole: Yellen, at her speech at the
annual gathering of central bankers in Jackson Hole, Wyo., said the
economy is getting closer to the Fed's goals of full employment and
stable inflation, and the debate at the central bank is "naturally
shifting" to when the central bank should begin to raise interest
rates. Balancing this more hawkish tone, Yellen said that
indicators followed by the Fed suggest the unemployment rate's
ecline overstates the improvement in overall labor market
conditions.
"I think the most important takeaway is that as one of the most
dovish members of the board, she's clearly much less dovish than
she was," Bruce McCain, chief investment strategist at Key Private
Bank, told MarketWatch. He said Yellen is now making "more an
argument for patience rather than dovishness."
Draghi said the European Central Bank stands ready to take more
unconventional action if needed, but it can't solve the euro zone's
unemployment problem all by itself. Beyond the central bankers
talking, there were no major U.S. economic reports on Friday's
schedule.
Stocks to watch: Keurig Green Mountain Inc.(GMCR) surged 13.2%
for the best gain in the S&P 500, helped by news of a new
licensing deal with Kraft Foods Group Inc.(KRFT).
Salesforce.com Inc.(CRM), Ross Stores Inc.(ROST) and GameStop
Corp. (GME) were also big winners in the S&P 500 as investors
cheered each company's quarterly report.
On the downside, Aéropostale Inc. (ARO) shares dropped 10% after
the clothing retailer's forecast a wider-than-expected loss for the
fiscal third quarter.
(Read more about the day's big movers here
http://www.marketwatch.com/story/gamestop-soars-aeropostale-sinks-foot-locker-reports-earnings-friday-2014-08-21.)
Other markets: Oil futures (CLV4) slipped and gold futures
(GCZ4) edged up. In Asia overnight, Japan's Nikkei Average broke a
nine-session winning streak, and in Europe, the Stoxx 600 lost
ground.
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