Stocks Rise After Big Fed Move
Dow, S&P 500, Nasdaq all close higher
By Newser Editors and Wire Services
Posted Dec 16, 2015 3:11 PM CST
Traders Gordon Charlop, left, Nathan Wisniewski, center, and Gregory Rowe, work and on the floor of the New York Stock Exchange, Wednesday, Dec. 16, 2015. Stocks are opening higher, led by gains in banking...   (Richard Drew)
camera-icon View 7 more images

(Newser) – Stocks are closing higher after the Federal Reserve nudged interest rates higher for the first time in nine years, a vote of confidence in the US economy. At the same time the Fed also said Wednesday that it would make any future interest rates gradually, something that will help support financial markets. Bank stocks rose as investors expected rates on loans to increase, which would help banks become more profitable. JPMorgan rose 2.2%. The Dow Jones industrial average climbed 224 points, or 1.3%, to 17,749. The Standard & Poor's 500 index gained 29 points, or 1.5%, to 2,073. The Nasdaq composite rose 75 points, or 1.5%, to 5,071. Bond prices fell. The yield on the 10-year Treasury note rose to 2.29%.