US stocks rise more than 1 per cent on Federal Reserve rate hike

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Wall Street celebrated the US central bank's first rate hike in nearly a decade.
Traders at the New York Stock Exchange watching Fed chairman Janet Yellen speak on TV. PHOTO: REUTERS

NEW YORK (AFP) - US stocks jumped more than one per cent after the Federal Reserve announced the first interest rate hike in nine years on Wednesday (Dec 16) and promised a gradual approach to future rate hikes.

At the closing bell, the Dow Jones Industrial Average was up 1.3 per cent.

The broad-based S&P 500 rose 1.4 per cent and the tech-rich Nasdaq Composite Index 1.5 per cent.

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