Closing Update: Dow, S&P 500 Finish Lower As Yellen, Eastern Europe Sends Investors to Sidelines

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Stocks finished mixed Friday, with blue chips posting small declines after Fed Chair Janet Yellen said the U.S. central bank is getting closer to reaching the central bank's targets for employment and inflation, leaving some market participants believing the Fed could begin to raise short-term interest rates before mid-2015. Market sentiment turned downbeat following reports of Russian forces crossing into Ukraine overnight, drawing attention back to geopolitical developments in eastern Europe. Friday's finish breaks a four-day winning streak for the S&P 500 and the Dow Jones Industrial Average, but major indexes log a third straight winning week.

Russian trucks purported to be carrying relief supplies crossed into Ukraine early today without Red Cross escorts as Ukraine officials demanded, prompting the head of Ukraine's security service to label the move a "direct invasion." U.S. officials remain on edge with around 18,000 Russian soldiers assembled on the Ukraine border, believing those troops are being positioned for an invasion.

But while both the Dow Jones Industrial Average and the S&P 500 ended in the red, the Nasdaq Composite extended its week-long rally, closing with another small advance as technology and health care stocks largely resisted downward pressure today.

Crude oil for September delivery reversed modest gains earlier today to settle 31 cents lower at $96.65 per barrel while September natural gas fell 5 cents to $3.84 per 1 million BTU. December gold rose $5.10 on geo-political worries to settle at $1,280 per ounce while September silver fell 3 cents to $19.38 per ounce. September copper rose 2 cents to $3.20 per pound.

Here's where U.S. stocks stood at the end-of-day:

Dow Jones Industrial Average down 38.27 (-0.22%) to 17,001.22

S&P 500 down 3.96 (-0.20%) to 1,988.41

Nasdaq Composite Index up 6.45 (+0.14%) to 4,538.55

GLOBAL SENTIMENT

Hang Seng Index up 0.47%

Shanghai China Composite Index up 0.46%

FTSE 100 Index -0.04%

UPSIDE MOVERS

(+) PSMI, Agrees to $471 mln buyout offer by a North American affiliate of Murata Manufacturing ( MRAAY ), which will pay $12.50 in cash for each PSMI share. The deal is expected to close by the end of the year or early 2015.

(+) MSN, Declares extraordinary cash dividend of $0.70 per common share, payable Sept. 30 to shareholders of record on Sept 12.

(+) PRKR, Amends patent infringement complaint, adding Samsung Electronics in addition to Qualcomm ( QCOM ) and HTC. The amended complaint also adds four more patents to the seven patents included in the original complaint.

DOWNSIDE MOVERS

(-) ZBB, Prices public offering of 11.52 mln at $1.12 apiece, a 22.2% discount to Thursday's closing price. Deal generates $14.84 mln in gross proceeds after underwriter exercises option to buy 1.73 mln additional shares.

(-) ARO, Forecasts Q3 net loss of $0.44 to $0.48 per share, missing estimates by at least $0.09 per share. Q2 loss of $0.46 per share is $0.03 wider than consensus. Revenue falls 12.7% year over year to $396.2 mln.

(-) AMPE, Reduced to Hold from Buy at Jefferies, which also trims price target by $9 to $5 a share.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: MRAAY , QCOM

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