Stocks Ended Mostly Higher after Fed Raised Rates

U.S. stocks ended mostly higher on Wednesday, with the Dow closing at a record for a fourth straight session after the Federal Reserve raised interest rates. The Dow Jones Industrial Average gained 80.63 points, or 0.33%, to 24,585.43. The S&P fell 1.26 points, or 0.05%, to 2,662.85. The Nasdaq Composite rose 13.48 points, or 0.20%, to 6,875.80.

Oil prices settled at their lowest level in a week on Wednesday following release of OPEC’s monthly oil report and the U.S. government’s weekly update on petroleum supplies. January West Texas Intermediate crude lost 54 cents, or 1%, to settle at $56.60 a barrel. February Brent fell 90 cents, or 1.4%, to $62.44 a barrel.

The Federal Reserve on Wednesday lifted a key U.S. interest rate, but the central bank also struck a wait-and-see stance in light of persistently low inflation and a pending change in leadership. The central bank as widely expected raised its benchmark federal funds rate by a quarter percentage point to between 1.25% and 1.5% — the fourth increase in a year.