NEW YORK (CNN/Money) - Stocks held on to gains Tuesday afternoon after the Federal Reserve opted to boost interest rates by a quarter-percentage point, as expected, and vowed to continue raising rates at a measured pace.

The Dow Jones industrial average (up 72.77 to 10,609.70, Charts), the Standard & Poor's 500 (up 7.53 to 1,230.66, Charts) index and the Nasdaq composite (up 11.20 to 2,175.59, Charts) all built a bit on early gains at around 2:20 p.m. ET, shortly after the 2:15 p.m. announcement.

Treasury prices were little changed, with the yield on the 10-year note holding at 4.43 percent.

In currency trading, the dollar fell versus the euro and the yen.

The FOMC opted to boost the Fed funds rate, an overnight bank lending rate, by a quarter percentage point to 3.5 percent, as had been expected. It was the 10th consecutive rise in rates since the central bank began its campaign last June.

The closely-watched statement was little changed from the one at the June meeting, again acknowledging the strength of the economy and the impact of higher energy prices. The central bank again pledged to raise rates at a "measured" pace.