U.S. stocks climb as Fed hikes rate to 1%

Markets are surging ahead of Federal Reserve Chair Janet Yellen’s expected announcement on Wednesday that the central bank will raise its benchmark rate for the first time in more than two decades.

The Dow Jones Industrial Average DJIA, +0.17% jumped 3.1% and the S&P 500 SPX, +1.26% added 4.5%.

The Nasdaq Composite Index COMP, +2.16% rose 7.9%.

The dollar gained 0.6%.

The Dow closed up 0.1%.

The benchmark S&P 500 index SPX gained 1.4%.

The Russell 2000 index RSC, +3.26%, the Nasdaq composite index and the Russell 2000 stock index were all up.

The S&p 500 is up nearly 9% this year.

The Russell 1000 is up 3.6% so far this year, while the S &p 500 index is down 4.6%, according to data from Thomson Reuters I/B/E/S.

The index is up 1.2% in 2017 and is up 10.4% this time last year.

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Read more  (Reporting by Alex Dobuzinskis in New York; Editing by Mark Heinrich)