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Stocks up on rate hike...FDA approves Sanofi insulin pen...Draft rules for self-driving cars

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NEW YORK (AP) — Stocks have climbed higher in reaction to the Federal Reserve's decision to raise interest rates. Traders were also encouraged that the Fed emphasized that further increases will be gradual. The Dow rose 224 points, or 1.3 percent, to close at 17,749. The S&P 500 added 29 points, or 1.5 percent, to 2,073, while the Nasdaq composite gained 75.77 points, or 1.5 percent, to 5,071.

WASHINGTON (AP) — The Federal Reserve is raising interest rates from record lows set at the depths of the 2008 financial crisis. The Fed's action, lifting its key rate by a quarter-point to a range of 0.25 percent to 0.5 percent, was approved by a unanimous vote of 10-0. Fed Chair Janet Yellen says the decision reflects the Fed's confidence in the U.S. economy. Major banks have followed the Fed's lead, upping their prime lending rates by the same quarter-point.

NEW YORK (AP) — The stock markets cheered the Fed rate hike, but some economists say the central bank is acknowledging how little it knows about where the economy might be headed. Charles Calomiris at Columbia University say the Fed "doesn't have a very clear model of how the economy is functioning" but is willing to acknowledge that. Difficulties in emerging economies such as China, Russia and Brazil are creating headwinds for the global economy.

WASHINGTON (AP) — Federal health officials have approved a cheaper version of the world's top-selling insulin for U.S. patients with the most common form of diabetes. The Food and Drug Administration approved a new form of Sanofi's pen-like injector, called Lantus, from drugmakers Eli Lilly and Boehringer Ingelheim.

LOS ANGELES (AP) — There are mixed reactions to the California Department of Motor Vehicles' draft regulations for self-driving cars. The proposed rules would require a licensed driver behind the wheel once the agency is satisfied self-driving cars are safe. The group Consumer Watchdog is applauding rules, saying a cautious approach makes sense. But Google says it is "gravely disappointed." Meanwhile, the mayor of Austin, Texas, is reminding Google that self-driving cars are welcome in his city, the only place where Google is testing the vehicles outside of California.

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