U.S. Stocks Gain After The Fed Hikes Interest Rates For The First Time In a Year

U.S. stocks advanced in volatile trade after the Federal Reserve on Wednesday hiked interest rates by 25 basis points as had been widely expected. The S&P 500 rose 2 points, or 0.1%, to 2,274 while the Dow Jones Industrial Average gained 44 points, or 0.2%, to 19,955. The Nasdaq Composite Index added 11 points to 5,475. "In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1/2 to 3/4 percent," the central bank said in a statement.