Stocks rise, dollar falls after Fed hikes as expected

by the expected 25 basis points but communicated more increases were on the horizon.

"The key thing the Fed is focused on is wages and we are seeing wage inflation continue to ameliorate if you look at both average hourly earnings and the employment cost index which just came out, wages are beginning to soften, but they are not softening enough to get inflation down to that 2 per cent target," said Ellen Hazen, chief market strategist at F.L.Putnam Investment Management in Wellesley, Massachusetts.

The Dow Jones Industrial Average fell 5.45 points, or 0.02 per cent, to 34,080.59, the S&P 500 gained 30.83 points, or 0.76 per cent, to 4,107.43 and the Nasdaq Composite added 173.22 points, or 1.5 per cent, to 11,757.77. Earnings season also continues to roll on, with Facebook owner Meta reporting earnings after the closing bell on Wednesday. Later in the week will bring earnings from names such as Apple and Amazon.

Data on Wednesday showed headline inflation in the euro zone moderated to 8.5 per cent in January, from 9 per cent in December, while core prices picked up to 7 per cent from 6.9 per cent, likely keeping pressure on the ECB to raise interest rates aggressively.

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