Markets Right Now: Stocks gain after Fed nudges rates higher

By The Associated Press | Posted - Mar. 15, 2017 at 2:10 p.m.



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NEW YORK (AP) — The latest on developments in financial markets (All times local):

4:00 p.m.

Stocks are closing with solid gains after the Federal Reserve nudged interest rates higher and signaled that any further increases this year will be gradual.

Bond prices rose, pushing yields lower.

The lower bond yields sent high-dividend stocks like utilities and real estate investment trusts higher.

Financial stocks fell. Capital One Financial lost 2 percent.

Small-company stocks rose more than the rest of the market.

The Standard & Poor's 500 index rose 19 points, or 0.8 percent, to 2,385. It started the day higher, and its gains accelerated after the Fed's announcement.

The Dow Jones industrial average gained 112 points, or 0.5 percent, to 20,949. The Nasdaq rose 43 points, or 0.7 percent, to 5,900.

Seven stocks rose for every one that fell on the New York Stock Exchange.

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2:10 p.m.

Stocks are turning higher shortly after the Federal Reserve raised interest rates and signaled that any further increases this year will be gradual.

Bond prices rose Wednesday, pushing yields lower.

The lower bond yields sent high-dividend stocks like utilities and real estate investment trusts higher. Financial stocks fell.

In other signs that traders expect future rates hikes to happen slowly, the dollar fell against other currencies and gold prices moved higher.

The Standard & Poor's 500 index rose 16 points, or 0.7 percent, to 2,381. It was up 8 points just before the announcement.

The Dow Jones industrial average gained 82 points, or 0.4 percent, to 20,921. The Nasdaq rose 32 points, or 0.6 percent, to 5,889.

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11:45 a.m.

A turnaround in oil and other commodity prices helped lift stocks indexes to modest gains on Wall Street.

Trading was relatively subdued ahead of a decision on interest rates later Wednesday from the Federal Reserve.

The Fed is widely expected to raise rates for just the third time in 15 months as the economy improves. Investors will be watching for hints about the Fed's plans for more rate increases in the future.

The price of oil turned higher.

Southwestern Energy gained 3.8 percent.

The Standard & Poor's 500 index rose 8 points, or 0.4 percent, to 2,373.

The Dow Jones industrial average gained 49 points, or 0.2 percent, to 20,885. The Nasdaq edged up 11 points, or 0.2 percent, to 5,868.

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9:35 a.m.

Stocks are opening slightly higher on Wall Street as materials and energy companies lead the way.

The price of oil turned higher in early trading Wednesday, which helped send energy companies higher.

Occidental Petroleum rose 1.7 percent.

Hostess Brands rose 1 percent after the company gave solid forecasts for full-year revenue and earnings.

The Standard & Poor's 500 index rose 4 points, or 0.2 percent, to 2,369.

The Dow Jones industrial average gained 32 points, or 0.2 percent, to 20,870. The Nasdaq edged up 5 points, or 0.1 percent, to 5,862.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.58 percent.

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The Associated Press

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