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March 16, 2017
NEW YORK — Stocks clambered higher Wednesday for their biggest gain in two weeks and easily absorbed the Federal Reserve's latest increase in interest rates, a move that was widely expected.
What was perhaps unexpected was the big drop in bond yields and the dollar's value against other currencies following the Fed's announcement. The central bank stressed that it plans to move gradually and stuck to its projection that it will raise rates a total of three times this year. That cooled speculation among some investors that the Fed could move more aggressively.
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