The home-building sector and financials saw a bump in afternoon trading Wednesday after the Federal Reserve decided to raise its benchmark interest rate by a quarter point to 1.5% from 1.25%.
The iShares US Home Construction ETF (ITB) - Get Report was rising 0.24%, below its session high for the day but well above the session low, it was trading at shortly before the announcement. The Financial Select Sector SPDR ETF (XLF) - Get Report also came up off its session low, but was still trading in the red, down 0.65%.
Of the big major banks, Goldman Sachs Group Inc. (GS) - Get Report was the only security trading in the green, but the stock took a dive following the decision. JPMorgan Chase & Co. (JPM) - Get Report was the sector's biggest loser, falling 0.71%.
The big homebuilders declined following the announcement. Toll Brothers (TOL) - Get Report and Lennar Corp. (LEN) - Get Report were both down about 0.32% while D.R. Horton (DHI) - Get Report was flat.
The Fed has raised rates three times this year, and five times since the 2008 financial crisis, as the economy continued to improve and the jobless rate fell. The Fed now expects the economy to grow at a 2.5% rate next year, up slightly from its previous forecast of 2.4%.
The Fed also projected three more rate hikes each in 2018 and 2019.
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