U.S. Stocks Turn Negative As Yellen Speaks

U.S. stocks turned lower on Wednesday as the Federal Reserve's Chairwoman Janet Yellen began the news conference following the Fed's policy announcement, raising key interest rate by a quarter of a percentage point. Yellen said the Fed believed the planned reduction in its $4.5 trillion balance sheet should be "gradual" and "predictable." The S&P 500 was down 6 points, or 0.3% at 2,434. The Nasdaq Composite declined 30 points, or 0.5%, to 6,189. The Dow Jones Industrial Average futures traded 10 points, or 0.1%, lower at 21,318. The yield on the 2-year Treasury note , the most sensitive to changes in Fed policy, trimmed earlier decline and was recently down 3 basis points to 1.34%.

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