Bank stocks surge after the Federal Reserve raises rates

pulse

March 21, 2018 7:56 PM

The Federal Reserve raised its benchmark interest rate for the sixth time since 2015.

Bank stocks rose following news that the Federal Reserve had raised interest rates.
The Federal Reserve voted to increase rates by 25 basis points, marking the sixth rate hike since 2015.

Bank stocks were lifted by news that the Federal Reserve had raised rates yet again.

The Federal Reserve voted Wednesday to lift its federal funds rate by 25 basis points to a range of 1.50% to 1.75%. It marked the sixth time the Federal Open Market Committee has raised rates since 2015. The Fed also signaled that there are two more rate hikes on the horizon in 2018, and raised speculation that they may even consider a third.

The KBW Bank Index, which measures major banks, rose 1.37% following the announcement.

Here's how some of the major bank stocks reacted after the news: