Fed rate hike powers stocks, dollar gains

Traders work on the floor of the New York Stock Exchange (NYSE) on December 16, 2015US stocks rose more than one percent and the dollar gained Wednesday after the Federal Reserve announced the first US interest rate hike in nearly a decade. The landmark decision, long telegraphed by Fed officials, reflects the central bank’s growing confidence in the US economy, said Fed Chair Janet Yellen. “This action marks the end of an extraordinary 7-year period during which the federal funds rate was held near zero to support the recovery of the economy from the worst financial crisis and recession since the great depression,” Yellen told a news conference.

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