Yahoo Finanzen 
Stocks tumble into the red after Federal Reserve speeches
(Investing.com)
Stocks are tumbling in trading after Federal Reserve chair Janet Yellen's most important delivered her most important speech of the year.
Near 12:14 p.m. ET, the Dow was down 75 points, or -0.40%, the S&P 500 was down 7 points (-0.28%), and the Nasdaq was down 12 points (-0.23%.)
Yellen's speech titled "The Federal Reserve's monetary policy toolkit" said that the central banker believes that the "case" for an interest rate hike has "strengthened."
Additionally, Fed Vice Chair Stanley Fischer seemed to strike a more hawkish line in an interview with CNBC following Yellen's speech.
"I think the evidence is the economy has strengthened... (with) the big numbers are better than they have been for some time," Fischer said.
As Yellen spoke, stocks jumped as much at 0.7%, but have since completely reversed course to go negative for the day.
In other markets, gold was green, up only 0.05%, or $0.60 an ounce, to $1,325.20.
According to a tweet from Eric Scott Hunsander, founder of market data platform Nanex, the action as Yellen came on was the busiest the market has been during the middle of the day all year.
$35 Billion of S&P500 futures traded from 10am to 10:30 EDT - the most for any 30 minute period (excl open/close) this year $ES_F
— Eric Scott Hunsader (@nanexllc) August 26, 2016
The second estimate of second-quarter GDP headlines the economic-data calendar. It was revised slightly lower to 1.1% from 1.2%, but consumer spending was bumped upwards.
Consumer sentiment from the University of Michigan cam in below expectations at 89.8 against expectations of 90.6.
NOW WATCH: 'I Will Teach You To Be Rich' author explains the best strategy to negotiate a raise
More From Business Insider
