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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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