US Close 16 Mar 17: US rates higher but future hike plans below market expectations

The US Federal Reserve has lifted the target federal funds range by 25 basis points (quarter of a percent) to 0.75-1.00% as expected.

US sharemarkets ended firmer on Wednesday. The Federal Reserve was perceived as being more cautious on the path of future rate hikes. Higher oil prices boosted sentiment on the energy sector. The Dow Jones index rose by 113 points or 0.5% after being up 140 points in afternoon trade. The S&P 500 index rose by 0.8% while the Nasdaq was up 43 points or 0.7%.

 

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