The stock markets have rallied again following the Federal Trade Commission (FTC) decision to increase its interest rates, but with little clear guidance from the Fed.
The Dow Jones Industrial Average and the S&P 500 have gained almost 12% this year, while the Nasdaq Composite is up nearly 10%.
“We believe that this move by the Fed will help keep the economy moving in the right direction and the Federal Open Market Committee (FOMC) will be making a decision in the near future,” the New York Fed’s chief economist Joseph Lai said.
The move comes after the FOMC issued its first increase in the federal funds rate in six years on Tuesday.
The FOMCs move comes as the markets continue to rally after the Fed raised interest rates again.
The benchmark 10-year Treasury note rose 1.7% to yield 1.837% on Tuesday, with the yield on the 10-yr note increasing to 1.77%.
The S&P 500 was up 0.3% to 2,926.21 and the Nasco 200 was up 1.3%.
The Dow is up 26% this season and the Dow is on track to hit 2,000 for the first time in three months.
The Nasdaq is up 17% this time last year and the index is up 7% since January.
The S-shaped index has climbed more than 25% this week and is now up 6% in five months.
It is also the second week in a row the S-shape index has exceeded its 52-week moving average.
The S&p 500 is up 11% in the past month.
The New York Stock Exchange (NYSE) is up 10.5% this month.