Closing Bell: Yelp Rises; Stocks Rally After Fed Rate Hike

Stocks rallied Wednesday as the veil of uncertainty over rates was lifted. The S&P 500 and Dow Jones Industrial Average spiked more than 1% after the Federal Reserve raised rates for the first time since June 2006. The central bank increased its benchmark interest rate by a quarter-percent in a unanimous vote. The Fed's 'dot plot' matrix also indicated that members expected four hikes next year and that economic conditions warranted a gradual pace to future rate increases. Yelp (YELP) rose after Raymond James analysts said fears over competition from Facebook (FB) were an overreaction. Valeant Pharmaceuticals (VRX) climbed after it said it expects a new distribution deal with Walgreens (WBA) to speed up its recovery.