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Byline: CRAIG SHAW
Stocks advanced Wednesday as the Fed raised interest rates by the expected quarter-point and hinted further hikes would come at a gradual pace. The Nasdaq added 0.6%, the large-cap Nasdaq 100 0.7%. The composite index ended with higher volume after a late-day surge.
Travelzoo surged 3.69, or 14.1%, to an all-time high of 29.79 on triple normal trade. The Web travel site operator has gained 55% this week after a 39% correction off its June 1 high. The firm sports the best Fundamental Rank of the 35 stocks in its Internet-Content group, ranked No. 4 of IBD's 197 industries. Analysts expect triple-digit profit growth the next three quarters.
Kmart rallied 3.58 to 71.80 on 2 1/2 times normal trade after two high-volume down days. The discount retailer said it would sell as many as 54 stores for up to $621 million to Sears. It agreed earlier this month to sell as many as 24 stores to Home Depot and has also sold several California stores to Kohl's. The stock is up more than fivefold since leaving bankruptcy in May 2003.
Schnitzer Steel climbed 2.79 to 33.96 as it builds the right side of its ...