U.S. stocks extend gains as Fed hikes interest rates as expected

U.S. stocks extended gains Wednesday as the Federal Reserve hiked interest rates for a third time this year as widely expected. The central bank also raised its 2018 U.S. gross domestic product growth forecast to 2.5% from 2.1% and indicated that it will likely increase rates three times in 2018. The S&P 500 rose 6 points, or 0.2%, to 2,670 and the Dow Jones Industrial Average added 132 points, or 0.5%, to 24,637. The Nasdaq Composite Index climbed 29 points, or 0.4%, to 6,890.

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