Dow jumps 417 as stocks rally, oil hits $102

U.S. stocks gained momentum late in the session to close with gains one day after the Federal Reserve announced its first interest rate hike since 2018 and as crude prices rebounded. 

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	43870.35	+461.88	+1.06%
SP500	S&P 500	5948.71	+31.60	+0.53%
I:COMP	NASDAQ COMPOSITE INDEX	18972.420086	+6.28	+0.03%

The Dow Jones Industrial Average rose over 400 points or 1.2% while the S&P 500 and Nasdaq Composite gained 1.2% and 1.3%, respectively. 

Ticker	Security	Last	Change	Change %
XLF	FINANCIAL SELECT SECTOR SPDR ETF	50.18	+0.63	+1.27%
XLU	UTILITIES SELECT SECTOR SPDR ETF	81.90	+1.40	+1.74%

Energy stocks maintained the lead helped by Occidental. Warren Buffett's Berkshire Hathaway bumped up its stake to just under 15%. Utilities, defensive plays, were the weakest performers. 

Ticker	Security	Last	Change	Change %
OXY	OCCIDENTAL PETROLEUM CORP.	51.54	+0.63	+1.24%

FED RAISES INTEREST RATES FOR FIRST TIME IN 3 YEARS

U.S. West Texas Intermediate crude closed higher at $102.98 per barrel, while Brent, the global benchmark, hit $106.64. 

Ticker	Security	Last	Change	Change %
USO	UNITED STATES OIL FUND - USD ACC	73.20	+1.18	+1.64%
BNO	UNITED STATES BRENT OIL FUND - USD ACC	29.57	+0.45	+1.55%

Gas prices fell a few cents to $4.28 per AAA. 

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In stock news, Dollar General jumped after boosting its dividend by 31% to $0.55 after it raised sales guidance for the year. Retailers Williams-Sonoma and Signet Jewelers also rallied after strong quarterly results. 

Ticker	Security	Last	Change	Change %
DG	DOLLAR GENERAL CORP.	73.92	+0.65	+0.89%
WSM	WILLIAMS-SONOMA INC.	172.49	-2.55	-1.46%
SIG	SIGNET JEWELERS LTD.	100.17	+3.47	+3.59%

Lockheed Martin shares in focus on reports the Pentagon may order fewer F-35 fighter jets, according to Bloomberg. On the flip side, Reuters is reporting Germany is ordering more U.S. missiles and drones. 

Ticker	Security	Last	Change	Change %
LMT	LOCKHEED MARTIN CORP.	542.34	+7.45	+1.39%

In tech, Intel announced it will invest $100 million in Ohio to advance semiconductor learning; half will come from the company while the other $50 million will come via a partnership with the U.S. National Science Foundation. Details of the education funding follow the company's January announcement that it's investing $20 billion in semiconductor production in Ohio, an attempt to help alleviate a global shortage of chips powering everything from phones to cars to home appliances. It's the largest private sector investment in Ohio history.

Ticker	Security	Last	Change	Change %
INTC	INTEL CORP.	24.44	+0.43	+1.79%

On the economic calendar, the Labor Department reported 214,000 weekly jobless claims were filed, little changed from 227,000 the previous week. Continuing claims, which track the total number of unemployed workers collecting benefits, are edged down to 1.419 million, holding well below pre-pandemic levels.

Meanwhile, housing data came in very strong. Homes under construction in February rose 6.8% to a seasonally adjusted annual rate of 1.76 million – that’s up from 1.638 million in January. Permits for future construction slipped by 1.9% to 1.859 million in February.

Also, the Philadelphia Federal Reserve's index of manufacturing activity for eastern Pennsylvania, southern New Jersey and Delaware rose to a reading of 27.4

And the Federal Reserve will release industrial production data for February. 

In cryptocurrencies, Bitcoin held above the $40,000 level. 

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Ken Martin and The Associated Press contributed to this report.