To The Moon

U.S. stock indexes briefly added to gains in a modest reaction after the Federal Reserve, as expected, raised its fed-funds rate by 75 basis points, or three-quarters of a percentage point.

Stock indexes briefly added to gains then returned to levels seen ahead of the session, with the Dow Jones Industrial Average up around 124.92 points, or 0.39%, while the S&P 500 was 1.41% higher and the Nasdaq Composite showed a gain of 2.56%.

The yield on the 10-year Treasury note remained lower on the day at 2.77% but up slightly from 2.759% ahead of the Fed announcement, while the 2-year yield ticked up to 3.077% from 3.057%, deepening an inversion of the yield curve.