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Market ignores Fed interest rate hike.
Byline: Merrill Goozner
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(HAS TRIM)
WASHINGTON _ The Federal Reserve on Tuesday doubled the usual dose of castor oil in its campaign to soothe the economy and hinted more interest rate hikes are on the way.
In a well-telegraphed move, the Fed raised its key interest rate by one-half point to 6.5 percent _ the biggest one-step increase since early 1995. The rate at which banks borrow from each other is now at its highest point since 1991, when the economy was last in recession.
The stock market shrugged off the Fed move, which Wall Street had anticipated. The Dow Jones Industrial Average rose 126.79 points to close at 10934.57. The technology-heavy Nasdaq surged 109.97 points to finish the day at 3717.57.
The Fed cited overheated consumer demand that is outpacing supply and voiced concerns about the growing threat of inflation.
"The Committee believes the risks are weighted mainly toward conditions that may generate heightened inflation pressures in…
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