All three major stock benchmarks closed sharply higher Wednesday, after the Federal Reserve said it was raising its benchmark interest rate by three-quarters of a percentage point in an effort to fight high inflation. The Dow Jones Industrial Average rose around 300 points, or 1% higher, while the S&P 500 gained 1.5% and the Nasdaq Composite jumped 2.5%, according to preliminary FactSet data. The Fed’s rate hike is the largest since 1994, bringing its benchmark rate to a range of 1.5% to 1.75%.

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