Markets Rise After Fed Raises Interest Rates As Expected

U.S. indices finished sharply higher Wednesday after the Federal Reserve announced a rate hike and provided US economic forecasts. The Fed raised its target fed funds rate by 0.25% on Wednesday to a new range of between 0.25% and 0.5%, its first interest rate hike since 2018.

  • The Nasdaq composite finished higher by 3.77% to 13,436; The Invesco QQQ Trust Series 1 QQQ gained 3.71% to $340.32
  • The S&P 500 traded higher by 2.24% to 4,358; The SPDR S&P 500 ETF Trust SPY gained 2.22% to $435.62
  • The Dow Jones composite finished higher by 2.42% to 11,805; The SPDR Dow Jones Industrial Average ETF Trust DIA finished higher by 1.54% to $341.36

Here are the day's winners and losers from the Dow Jones, according to data from Benzinga Pro.

JPMorgan Chase & Co JPM, Boeing Co BA and Nike Inc NKE were among the top gainers for the DIA Wednesday.

Walgreens Boots Alliance Inc WBA, Johnson & Johnson JNJ and Coca-Cola Co KO were among the top losers for the Dow Jones.

Elsewhere On The Street

Despite the company's ongoing struggles, AMC Entertainment Holdings Inc AMC shares are up 583% since the beginning of 2021. AMC narrowly avoided bankruptcy early last year by aggressively selling shares of stock to stay afloat… Read More

U.S. listed Chinese electric vehicle maker Nio Inc NIO secured the top rank in a study that ranks car quality in China, CnEVpost reported on Wednesday, citing the report by automotive website Autohome… Read More

Starbucks Corporation SBUX spiked up 8.39% on Wednesday before retracing below the stock’s opening price of about $88. JPMorgan analyst John Ivankoe upgraded Starbucks from Neutral to Overweight and announced a price target of $101… Read More

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