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Story summary
- U.S. stocks rallied after the Federal Reserve raised its rate to 3.75%–4.00%, the first hike since July 2023.
- The 10-year Treasury yield rose to 5% after hawkish remarks by Kansas City Fed President Jeffrey Schmid.
- Bitcoin broke $80,000, sending Strategy Inc. up 12.9% to $149.25.
- Applied Materials rose 4.1% and Micron Technology gained 1.4% as semiconductor makers led market gains.