Dow jumps more than 500 points in relief rally after Fed announces first rate hike since 2018; European markets close higher on hopes for Russia-Ukraine cease-fire; Stoxx 600 up 3% 
Stocks rallied in a wild session after the Federal Reserve raised rates and said it would hike another six times this year. 
The Dow Jones Industrial Average rose 518.76 points, or 1.5%, to 34,063.10 after turning red initially following the release of the Fed’s statement. It swung within a 576-point range on the session. The S&P 500 added 2.2% to 4,357.86, and the Nasdaq Composite gained 3.7% to 13,436.55. 
The Fed announced at the conclusion of its two-day meeting Wednesday that it will increase short-term interest rates by a quarter of a percentage point, a well-telegraphed move by the central bank as it seeks to control surging inflation. But it was the central bank’s outlook that surprised traders somewhat and knocked the market down initially. 
The Fed forecast a consensus funds rate of 1.9% by year’s end, which would mean a hike at each of the remaining central bank meetings this year. 
The 10-year Treasury yield touched its highest level since 2019 after the Fed’s statement. 
Bank shares gained on optimism their bottom lines would get a boost from higher rates. JPMorgan shares added 4.4%, while Bank of America added 3.1%. 

European stocks closed higher on Wednesday amid renewed optimism of progress in talks between Russia and Ukraine, and as global markets await the latest monetary policy figures and economic forecasts from the U.S. Federal Reserve. 
The pan-European Stoxx 600 index provisionally ended up around 3%, with major bourses and almost all sectors in positive territory. Tech stocks rose more than 6.5% to lead the gains, while utilities bucked the trend, slipping 0.8%. 
Shares of E.On, Germany’s largest energy firm, were down 0.5% after the company said it expects its core profit to fall this year because of the phasing out of nuclear power, and said the war in Ukraine could dent the value of its stake in the Nord Stream 1 gas pipeline, Reuters reported. 
Source: CNBC, Investing.com