U.S. stocks rose after the Federal Reserve said it would raise short-term interest rates for the first time in nine years, according to WSJ.
The Fed declared a quarter-percentage-point improvement in its benchmark federal-funds rate, which it has held near zero since December 2008. The move was widely predictable by investors.
The decision to raise rates was unanimous and Fed officials said they would likely lift gradually and see how the economy performs.
The Fed’s policy of ultralow rates has assisted propel U.S. stocks higher since the financial crisis. Many investors say stocks can continue to advance even after the Fed starts to lift rates, since it underscores the central bank’s confidence in the economy.
Reaction was subdued on the floor of the NYSE after the declaration.
Stocks that tend to pay out high dividends, which had rallied in recent years amid low interest rates, led the S&P 500 higher after the Fed decision.
Stock markets in Europe and Asia were closed for trading when the Fed released its decision.
Shares in Asia advanced, catching up with a rally the previous day in energy shares that sent Wall Street to a higher close. WSJ Reports
On Wednesday, Southwestern Energy Company (NYSE:SWN)’s shares declined -1.21% to $5.30. SWN has beta value stands at 1.32 times and earnings per share was $-5.75. The company has total of 384.48 million outstanding shares and its total market capitalization is $2.07 million. 52-week price range of the stock remained $5.05 - $31.49.
Southwestern Energy Company explores, develops, and produces natural gas and oil in the United States. The company operates in two segments, Exploration, Development and Production; and Midstream Services.
Office Depot Inc (NASDAQ:ODP)’s shares gained 1.05% to $5.79. The company’s total market capitalization is $3.14 billion along with 548.73 million shares outstanding. 52 week range of the stock remained $5.24 - $9.77, while its day lowest price was USD 5.61 and its hit its day highest price at USD 5.85.
Office Depot, Inc., together with its auxiliaries, supplies office products and services. The company’s North American Retail division sells an assortment of merchandise, counting office supplies, technology products and solutions, business machines and related supplies, facilities products, and office furniture under various brands through its chain of office supply stores.
At the end of Wednesday’s trade, Penn National Gaming, Inc (NASDAQ:PENN)‘s shares surged 3.31% to $15.61. PENN 52 week range of the stock remained $12.52 - $20.23, while its day lowest price was $15.11 and its hit its day highest price at $15.77. The company has total of 80.19 million outstanding shares. It has market cap of $1.21 billion.
Penn National Gaming, Inc. owns and operates gaming and pari-mutuel properties. It operates through East/Midwest, West, and Southern Plains segments. The company is involved in gaming and racing operations.
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