Nasdaq surges 4% in best day since 2020 as Fed delivers another 75 basis point rate hike

U.S. stocks closed sharply higher Wednesday, greeting the Federal Reserve’s latest rate hike with a torrid advance that saw the tech-heavy Nasdaq Composite clinch its biggest daily gain since April 2020. The Nasdaq Composite gained 469.85 points, or 4.1%, to 12,032.42. The S&P 500 gained 102.56 points, or 2.6%, To 4,023.61. The Dow Jones Industrial Average gained 436.05 points, or 1.4%, to 32,197.59. Wednesday’s gains also marked the biggest rally on a Fed decision day since December 2008, the day the Fed slashed its benchmark interest rate target to between 0% and 0.25% for the first time in history. The Fed’s policy-setting committee voted Wednesday to hike the Fed funds rate target 75 basis points for the second month in a row.

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