Wall Street up as Fed raises rates but stays course

Wall Street
Wall Street

US stocks rose sharply on Wednesday after the Federal Reserve raised interest rates for the second time in three months, as expected.
The Fed, which raised its target rate by 25 basis points, or a quarter of a percentage point, to between 0.75 and 1 percent, did not however flag any plan to accelerate the pace of monetary tightening, a concern that had lingered among some market participants.

The Dow Jones Industrial Average rose 112.73 points, or 0.54 percent, to 20,950.1, the S&P 500 gained 19.81 points, or 0.84 percent, to 2,385.26 and the Nasdaq Composite added 43.23 points, or 0.74 percent, to 5,900.05.

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