Wall St rallies as Fed raises rates, stays course

NEW YORK: US stocks rose sharply on Wednesday after the Federal Reserve raised interest rates for the second time in three months, as expected, but did not flag any plan to accelerate the pace of monetary tightening.

The Dow Jones Industrial Average rose 112.73 points, or 0.54 percent, to 20,950.1, the S&P 500 gained 19.81 points, or 0.84 percent, to 2,385.26 and the Nasdaq Composite added 43.23 points, or 0.74 percent, to 5,900.05.