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More Fed coverage
Stocks stagger higher
Expected quarter-point hike leaves stock investors unimpressed, but bonds take off strongly.
June 30, 2004: 2:29 PM EDT

NEW YORK (CNN/Money) - The Federal Reserve's expected quarter-point interest rate hike left stock investors mildly excited Wednesday afternoon.

In the minutes following the central bank's announcement, the Dow Jones industrial average (up 3.46 to 10,416.89, Charts), the S&P 500 index (up 1.66 to 1,137.86, Charts) and the Nasdaq composite (up 4.86 to 2,039.79, Charts) all posted limited gains.

The bond market, which had been strong already, increased its gains. The yield on the 10-year Treasury note fell to 4.59 percent as its price rose 23/32 of a point.

Investors appeared reassured by the Fed's statement, which promised continued "measured" tightening and said many of the recent signs of a pickup in inflation were due to "transitory factors."  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.