Stocks and bonds moved higher after the Federal Reserve hiked interest rates by a quarter percentage point as expected. Fred Katayama reports.
Stocks and bonds rallied and the dollar fell after the Federal Reserve hiked interest rates by a quarter percentage point. The Fed didn't signal any plan to speed up the pace of rate hikes. Rich Steinberg of HSW Advisors at HighTower: SOUNDBITE: RICH STEINBERG, SENIOR INVESTMENT STRATEGIST, HSW ADVISORS AT HIGHTOWER, (ENGLISH) SAYING: "It's because with the Fed moving, it appears that they're ahead of the inflation curve. You know when they look to raise interest rates, it's done to sort of slow the economy down, slow inflation down. With inflation not ramping up too high, it appears they're in front of that curve. Long yields like that." 14:44:43 Energy stocks like Chevron and Exxon rallying after oil prices bounced back, snapping a 7-day losing streak. U.S. crude stockpiles fell more than expected last week. Snap shares dropping to a new low since their March 2 debut. Cantor Fitzgerald started coverage of the owner of the Snapchat messaging app with an "underweight" rating. citing its "rich" valuation. Another social media stock, Twitter, losing ground. A large number of Twitter accounts were hacked. Yahoo shares retreated. The U.S. indicted two Russian spies and two criminal hackers for allegedly breaching 500 million Yahoo accounts in 2014. In economic news, retail sales in the U.S. edged higher in February. Consumer prices posted their biggest year-on-year increase in nearly five years last month. And homebuilders sentiment jumped higher last month. In Europe, a rally in energy and financial stocks pulled shares higher.