Markets Stage Big Rally Following Historic 50 Basis Point Rate Hike

U.S. indices rallied sharply into Wednesday's close after the Federal Reserve announced it would raise the key interest rate by 50 basis points.

The Federal Reserve raised its target fed funds rate by 0.5% to a new range of between 0.75% and 1.0%, its first rate hike of at least half a percentage point in more than 20 years. The Fed also said it will begin reducing the size of its balance sheet starting on June 1... Read More

• The Nasdaq composite finished higher by 3.19% to 12,964; The Invesco QQQ Trust Series 1 QQQ gained 3.38% to $329.60
• The S&P 500 traded higher by 2.99% to 4,300; The SPDR S&P 500 ETF Trust SPY gained 3.03% to $428.99
• The Dow Jones composite finished higher by 2.79% to 11,669; The SPDR Dow Jones Industrial Average ETF Trust DIA finished higher by 2.82% at $340.59

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

Starbucks Corporation SBUX, Advanced Micro Devices, Inc. AMD and Match Group Inc MTCH were among the top gainers for the Nasdaq-100.

Skyworks Solutions Inc SWKS, IDEXX Laboratories, Inc. IDXX and Verisk Analytics, Inc. VRSK were among the top losers for the QQQ.

Elsewhere On The Street

Benzinga’s weekly Stock Wars matches up two leaders in a major industry sector with the goal of determining which company is the better investment. This week, the duel is between two electric vehicle charging station manufacturers... Read More

Walt Disney Co DIS has a big May ahead for investors and fans with several new items being released and announced and quarterly earnings on deck. Here's a look at what’s in store... Read More

Trivago N.V. TRVG has traded lower since reporting financial results on Monday despite the company's optimism surrounding travel trends... Read More