(Image by Juan Manuel Cortés from Pixabay)
(CNBC) -- Stocks rallied on Wednesday after the Federal Reserve hiked rates by 75 basis points — its largest increase since 1994 — and signaled it could raise rates by a similar magnitude in July, giving investors confidence the central bank was committed to tamping down inflation.
The Dow Jones Industrial Average rose 510 points, or 1.4%. The S&P 500 traded 2.3% higher and the Nasdaq Composite jumped 3.4%.
Stocks were volatile after the rate hike decision but jumped to session highs as Fed Chairman Jerome Powell said during his afternoon press conference that, “either a 50 basis point or a 75 basis point increase seems most likely at our next meeting.”
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