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Stocks Slip on Ukraine Tension, Yellen’s Comments on Rate Hikes

Stocks mostly fell on Friday as investors weighed rising tension between Russia and Ukraine and Federal Reserve Chair Janet Yellen urged caution in raising interest rates. The Dow Jones Industrial Average closed unofficially 38 points lower and the S&P 500, which closed at a record high on Thursday, lost 3 points. The Nasdaq gained 6 points. Yellen and European Central Bank President Mario Draghi, speaking in Jackson Hole, Wyoming, gave the market what was expected. Yellen said slack remains in the labor market even as the economy continues a five-year recovery and Draghi expressed confidence that stimulus announced and a weaker euro would help the euro-zone economy. "I don't think there was anything earth-shattering out of her mouth, the labor market has gotten better," said Doug Foreman, chief investment officer at Kayne Anderson Rudnick. Meanwhile, the market was spooked by reports Russia sent dozens of aid trucks into eastern Ukraine and Ukraine's Security Service chief called the move a "direct invasion."

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