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Stock Market Today, March 21: Stocks Mixed on Fed Rate Hike

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To no one’s surprise, the Federal Reserve on Wednesday announced it would be raising interest rates for the sixth time since late 2015, lifting the benchmark to a target of 1.5% to 1.75%. This move is geared towards keeping inflation at bay as the economy continues to accelerate. Stocks were mixed on the day as investors anticipated and then reacted to the news, with headlines from the likes of FedEx (FDX - Free Report) and Tesla (TSLA - Free Report) also grabbing attention.

Major Indexes

Dow: 24,681.90 / -45.37 / -0.2%

Nasdaq: 7,345.28 / -19.02 / -0.3%

S&P 500: 2,711.93 / -5.01 / -0.2%

Zacks Rank #1 (Strong Buy) Top Movers

Value: Interserve Plc (ISVJY - Free Report) - +14.1%

Growth: ISVJY

Momentum: ISVJY

VGM: ISVJY

Income: LyondellBasell Industries (LYB - Free Report) - +3.9%

Top Headlines

Wall Street Braces for a Rate Hike: Who Wins, Who Loses

With the Fed set to raise rates for the first time this year, expect financials, technology and home improvement suppliers to benefit. Home builders and utility players, on the other hand, could lose from the Fed’s rate decision.

FedEx Stock Pops On Massive Q3 Earnings & Revenue Beats

FedEx just released its third-quarter financial results, posting adjusted earnings of $3.72 per share and revenues of $16.5 billion.

Tesla Stock Pops As Musk's Compensation Plan Awaits Approval

Shares of Tesla rose over 2.5% in morning trading ahead of the company's vote on a relatively unprecedented compensation package for CEO Elon Musk.

Want more market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!

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