Wall Street

US stocks rally, dollar retreats as Fed hikes interest rates again

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AFP

New York (AFP) – Wall Street stocks rallied and the dollar retreated Wednesday as the Federal Reserve again proceeded with a large interest rate hike, maintaining its forceful stance to combat inflation. The US central bank carried out the second straight 75 basis point increase, and the fourth rate hike this year, moving aggressively to cool the strongest surge in inflation in more than four decades without derailing the world’s largest economy. Following a positive session in European equity markets, US stocks were also up prior to the Fed’s 1800 GMT announcement. But equities pushed even hi…

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