Stock market news live updates: Stocks extend winning streak following Fed rate increase

The Marriner S. Eccles Federal Reserve Board building is seen in Washington, DC, March 16, 2022. - The Federal Reserve is expected to announce the first interest rate increase since the Covid-19 pandemic began at the conclusion of its policy setting meeting later today. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)

U.S. stocks rallied for a third consecutive day as investors warmed up to the Federal Reserve’s long-anticipated move to hike short-term interest rates for the first time in three years. Oil prices jumped back up, with investors turning their attention back to the war in Ukraine and its potential impacts on the global economy.

The S&P 500 climbed 1.2% to 4,411.65 and the Dow Jones Industrial Average advanced 1.2% to 34,480.30. The Nasdaq Composite also advanced 1.3% to 13,614.78. Meanwhile, WTI Crude Oil futures and Brent Crude Oil each jumped about 9% to $103.64 and $106.79 per barrel, respectively.

St. Patrick’s Day historically tends to be one of the “most green” days of the year for stocks, according to data from LPL Financial. The S&P 500 is up 0.37% on average, making it one of the best days of the year.

At the end of its two-day policy-setting meeting, the central bank revealed Wednesday that it will lift the benchmark Federal Funds Rate by 0.25%, to a target range of 0.25% to 0.50%. The move was in line with what market participants had anticipated after Fed Chair Jerome Powell indicated in Congressional testimony earlier this month a 25 basis-point bump was distinctly possible.