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(AP) — Stocks rallied in a roller-coaster day of trading on Wall Street Wednesday after the Federal Reserve hiked interest rates by the biggest margin since 1994, but also said such mega-hikes would not be common.
The Fed did signal that more increases are on the way as it tries to tackle the worst inflation in four decades. The increase of three-quarters of a percentage point was three times as big as the central bank usually makes. The S&P 500 rose 1.5% after several sudden moves up and down immediately after the Fed’s announcement. Treasury yields fell.
The S&P 500 rose 54.51 points, or 1.5%, to 3,789.99.
The Dow Jones Industrial Average rose 303.70 points, or 1%, to 30,668.53.
The Nasdaq rose 270.81 points, or 2.5%, to 11,099.15.
The Russell 2000 index of smaller companies rose 23.31 points, or 1.4%, to 1,731.14.
For the week:
The S&P 500 is down 110.87 points, or 2.8%.
The Dow is down 724.26 points, or 2.3%.
The Nasdaq is down 240.87 points, or 2.1%.
The Russell 2000 is down 69.14 points, or 3.8%.
For the year:
The S&P 500 is down 976.19 points, or 20.5%.
The Dow is down 5,669.77 points, or 15.6%.
The Nasdaq is down 4,545.82 points, or 29.1%.
The Russell 2000 is down 514.17 points, or 22.9%.