On Second Thought: Stocks Sink as Dovish Speech Now Hawkish
August 26, 2016 at 12:23 PM EDT
The initial reaction to Janet Yellen's speech at Jackson Hole was one of elation, as the Dow Jones Industrial Average shot u p more than 100 points . But after taking a longer look, stocks have sunk into the red. The S&P 500 has fallen 0.3% to 2,166.75 at 12:20 p.m. today, while the Dow Jones Industrial Average has declined 65.95 points, or 0.4%, to 18,382.46. The Nasdaq Composite has declined 0.2% to 5,203.66. Jefferies' Ward McCarthy offers five takeaways from Yellen's speech:
