U.S. stocks climbed and bond yields jumped Wednesday after the Federal Reserve officially said it would raise interest rates for the first time since 2018.
The S&P 500 was up 1.3% in recent trading. The tech-focused Nasdaq Composite advanced 2.4%, and the Dow Jones Industrial Average rose 0.5%. The indexes initially pared their gains in the wake of the Fed’s announcement before rebounding during Chairman Jerome Powell’s news conference.