Dow jumps 417 as stocks rally, oil hits $102

Housing starts jumped, but permits dipped in mixed housing data

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 39760.08 +477.75 +1.22%
SP500 S&P 500 5248.49 +44.91 +0.86%
I:COMP NASDAQ COMPOSITE INDEX 16399.520634 +83.82 +0.51%

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 41.90 +0.51 +1.22%
XLU UTILITIES SELECT SECTOR SPDR ETF 65.20 +1.77 +2.79%

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. 64.21 +0.88 +1.39%

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 L.P. 77.51 +0.22 +0.28%
BNO UNITED STS BRENT OIL FD LP UNIT 31.47 +0.10 +0.32%

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

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

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. 154.21 +3.55 +2.36%
WSM WILLIAMS-SONOMA INC. 314.02 +5.61 +1.82%
SIG SIGNET JEWELERS LTD. 99.41 +1.31 +1.34%

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. 456.78 +10.79 +2.42%

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. 43.77 +1.78 +4.24%

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.