The U.S. Federal Reserve raised interest rates on Wednesday for the second time in three months, a move spurred by steady economic growth, strong job gains and confidence that inflation is rising to the central bank's target.
U.S. stocks were mostly higher on Wednesday, with investors counting down to the conclusion of the Federal Reserve's two-day meeting, where the central bank is widely expected to raise rates for the first time this year.
Eight years ago last week, President Barack Obama gave investors a surprisingly hot trading tip. In office less than two months, he commented that we were at “the point where buying stocks is a potentially good deal if you’ve got a long-term perspective.”
The dollar recovered a foothold on Monday after its worst three days of losses since early December, the impact of higher U.S. market interest rates turning it positive on the day against both the euro and a basket of currencies.
U.S. stocks rose on Friday amid broad-based gains as a stellar job report underscored the strength of the economy, potentially giving the Federal Reserve enough ammunition to raise interest rates next week.