By Victor Reklaitis and Carla Mozee, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks showed little change
Friday afternoon, bouncing back from a dip that came as
Ukraine-Russia worries ramped up again.
Investors also appeared to shrug at a balanced speech by Federal
Reserve Chairwoman Janet Yellen that largely matched
expectations.
The S&P 500(SPX) slipped by 1 point, or less than 0.1%, to
1,991, while the Dow Jones Industrial Average(DJI) shed 10 points,
also less than 0.1%, to 17,030. The Nasdaq Composite(RIXF) tacked
on 13 points, or 0.3%, to 4,545.
Barring a Friday shake-up, the three main indexes are on track
to log weekly advances. Thursday's session ended with the S&P
500 marking its 28th record close this year, the Dow finishing
above 17,000 for the first time since July 24 and the Nasdaq ending
at its highest level since March 31, 2000. The S&P 500 is up
1.9% for the week, the Dow is up 2.2% and the Nasdaq, 1.8%.
Stocks traded roughly flat after Yellen's speech, then slumped
to session lows after fresh Ukraine-Russia reports before
rebounding back to the flat line. 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 debating when the central bank should begin to raise
interest rates. Balancing this more hawkish tone, Yellen said that
19 labor market indicators followed by the Fed suggest that the
decline in the unemployment rate overstates the improvement in
overall labor market conditions.
The main indexes didn't make big moves after Yellen's speech
because it "pretty much" matched expectations, said Bruce McCain,
chief investment strategist at Key Private Bank.
"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," McCain told MarketWatch. He said Yellen is now making
"more an argument for patience rather than dovishness."
Also set to speak Friday at Jackson Hole is European Central
Bank President Mario Draghi at 2:30 p.m. Eastern. Beyond the
central bankers talking, there are no major U.S. economic reports
on Friday's schedule.
Stocks to watch: Keurig Green Mountain Inc.(GMCR) surged 14% 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.
(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.)
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.
Apple Inc. (AAPL) shares were up 0.9%. The company's suppliers
are struggling to get enough screens ready for the launch of the
bigger-screened iPhone 6 next month, according to a report by
Reuters, citing unnamed sources.
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 was
lower.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires