* Yellen says Fed should be cautious in rate hike decision
* Russia aid convoy crossed border without OK, Ukraine says
* Indexes: Dow off 0.09 pct, S&P off 0.13 pct, Nasdaq up
(Updates to market open, adds quote)
By Chuck Mikolajczak
NEW YORK, Aug 22 U.S. stocks were little changed
on Friday, in the wake of comments from Federal Reserve Chair
Stocks showed muted reaction to comments from the Fed chair
who, in a speech at a central banking conference in Jackson
Hole, Wyoming, said U.S. labor markets remain hampered by the
effects of the Great Recession and that the Federal Reserve
should move cautiously in determining when interest rates should
"The reaction was a few weeks ago when the GDP number came
out," said Michael Marrale, head of research, sales and trading
at ITG in New York.
"At that point I thought you'd have some who step up and
would want to sell the news in anticipation of a rate hike
coming sooner than expected at that time, so I think people have
already positioned for that."
Investors will also monitor the situation in Ukraine after
authorities there said trucks from a Russian aid convoy had
crossed into Ukraine without permission, a move it described as
a "direct invasion" of its territory.
The S&P 500 has risen for four straight sessions to
start the week, its longest streak in two months, rallying to a
record closing high of 1,992.37 on positive economic data. The
benchmark index is up 1.9 percent for the week, on track for its
best week in four months.
The Dow Jones industrial average fell 14.58 points or
0.09 percent, to 17,024.91, the S&P 500 lost 2.62 points
or 0.13 percent, to 1,989.75 and the Nasdaq Composite
added 4.88 points or 0.11 percent, to 4,536.99.
Retailers moved higher, led by a 5.9 percent advance in Ross
Stores to $73.32 after the apparel and home fashion
retailer posted second-quarter results. The S&P retail index
gained 0.3 percent and was on track for its best week
since late February.
Foot Locker climbed 2.7 percent to $53.98 after the
athletic footwear and apparel retailer reported second-quarter
Aeropostale shares slumped 8.7 percent to $3.57. The
teen apparel retailer reported a drop in same-store sales and a
second-quarter loss a day earlier.
GameStop Corp reported that quarterly revenue surged
25 percent over the prior year, topping expectations and sending
shares up 6.1 percent to $42.97.
Peregrine Semiconductor shares jumped 61.1 percent
to $12.39 after Murata Electronics North America said it would
buy the rest of chipmaker it does not already own for $12.50 per
(Editing by Bernadette Baum)