NEW YORK, May 5 — US stocks ended sharply higher on Wednesday after the Federal Reserve delivered a widely expected interest-rate hike, and the S&P 500 recorded its biggest one-day percentage gain in nearly a year.
The US central bank set its target federal funds rate to a range between 0.75 per cent and 1 per cent in a unanimous decision, with further rises in borrowing costs of perhaps similar magnitude likely to follow. Investors watched Powell's news conference for fresh clues on how far and how fast the central bank is prepared to go in an effort to bring down decades-high inflation.rose 932.27 points, or 2.81 per cent, to 34,061.06, the S&P 500added 401.10 points, or 3.19 per cent, to 12,964.86.
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