Stocks rose after the Federal Reserve raised its benchmark interest rate by three-quarters of a percentage point on Wednesday afternoon, as expected.

Indexes in the United States rose as a result of positive earnings reports. The S&P 500 was up nearly 2% while the tech-heavy Nasdaq Composite was up 3.47% and Dow Jones Industrial Average was up 1.19%.

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They were at 1.5%, 2.6%, and 0.4%, respectively, shortly after the announcement.

The 10-year Treasury yield, which was at 2.765%  prior to the announcement, was at the same level.

Higher rates are giving bank stocks a moderate lift. All six major US banks traded higher, with Citigroup up about 0.8%.

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Ten of the S&P 500’s 100 sectors were currently in the green, with communications services and information technology stocks leading the gainers.

Investors will be watching for any hints from central banks on the size of further interest-rate hikes this year and whether officials expect to then turn around and start cutting next year.

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The US stock market has performed well on days when the Fed raised rates this year, said Bespoke Investment Group. A 0.75 percentage point hike marks the Fed’s second consecutive raise of that magnitude this year. The Fed hasn’t increased rates that quickly since the 1980s.

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“We want to hear what Fed Chairman Jerome Powell is thinking about the inflation outlook and what he is thinking about the growth outlook,” said Seema Shah, chief global strategist at Principal Global Investors. “But we have to be careful. We’ve learned in the last couple of months that we can’t read too much into any broad guidance,” she added.

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Short-term yields have increased this year as investors prepared for the Fed to keep aggressively raising interest rates, keeping the US Treasury yield curve inverted. The indicator is often viewed as a key recession predictor.

Stocks are on track to close July with gains, though many analysts don’t expect gains to be long-lasting.