Summary: Yellen says U.S. job market is still in recovery; Stocks mostly lower; iPhone 6 hits production snags. Bobbi Rebell reports.
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After four winning sessions in a row- the S&P 500 took a break- falling back from its record highs.
The major indexes closing out the final trading session of the week mixed. But for the week all the major indexes posted gains.
In her comments from Jackson Hole, Wyoming, Fed Chair Janet Yellen indicated a cautious stance when it came to the timing of interest rate hikes- and said the job market is still in recovery.
Reuters Columnist James Saft:
SOUNDBITE: JAMES SAFT, REUTERS COLUMNIST (ENGLISH) SAYING:
"Yellen's speech gives a picture of a Fed Chair who is not willing to commit. Who is very willing to lay out a number of alternatives for why things should be going in different directions but who herself has not drawn any new conclusions from that. The market thinks that is a bit hawkish because maybe she is more willing than she was than before to think about rate hikes early. I'm not so sure. I see her waiting for more data. "
Investors also keeping an eye on the situation in Ukraine. 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
Apple's iPhone 6 is expected soon- but Reuters has learned that suppliers are scrambling to get enough screens ready for the launch. Apple is expected to unveil iPhones with bigger screens to better compete with rivals like Samsung.
Footlocker shares gained on higher than expected second quarter profits and sales.
Down arrows on the major indexes in Europe- concerns about Ukraine weighing on those markets.
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