Closing Bell: EU Approves Time Warner-AT&T Deal; Fed Hikes Rates, Projects More to Come

Stocks rallies this afternoon after the Federal Reserve decides to raise interest rates by 25 basis points, as widely expected.

Author:: Keris Alison Lahiff
Publish date:: Mar 15, 2017 4:19 PM EDT

Stocks rallied this afternoon after the Federal Reserve decided to raise interest rates by 25 basis points, as widely expected. The S&P500 moved within ten points of its all-time closing high set at the beginning of the month. The Fed also projected faith in the strength of the U.S. economy after signaling two more rate hikes this year. That pace of hikes is largely what markets anticipate. Time Warner (TWX) and AT&T (T) - Get Report rose after receiving approval from the EU for their proposed $85 billion merger. The Department of Justice, however, is still reviewing the deal. Shares of Occidental Petroleum (OXY) - Get Report climbed after the oil company received its second ratings upgrade in as many days. Bank of America upped its rating to BUY just a day after Credit Suisse increased its own to OUTPERFORM.