U.S. stocks decline after Fed chair's speech

U.S. stocks traded lower in the morning session Tuesday as investors meditated on the comments from Federal Reserve Chair Janet Yellen.

Around midday, the Dow Jones Industrial Average fell 81.50 points, or 0.39 percent, to 20,576.52. The S&P 500 lost 13.15 points, or 0.56 percent, to 2,344.01. The Nasdaq Composite Index decreased 37.19 points, or 0.63 percent, to 5,843.74.

The Fed was shifting its focus from stimulating the economy to keeping growth on an even keel, Yellen reportedly said Monday after the closing bell.

Yellen said during an event at the University of Michigan that the economy was "pretty healthy," thanks in part to the Fed's long-running stimulus campaign, which the central bank is moving to end.

The Fed raised its benchmark interest rate in March for the third time since the financial crisis, and said it planned two more rate increases this year.

According to the minutes from the Fed's March meeting, the central bank also planned to begin reducing its large holdings of securities by the end of the year.

On the economic front, the number of job openings was little changed at 5.7 million on the last business day of February, said the U.S. Labor Department Tuesday. Endit