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Wall Street bounce back from Tuesday's losses as Federal Reserve hikes interest rates

tarabird/iStock/Thinkstock(NEW YORK) -- Wall Street climbed towards milestone numbers on Wednesday as the Federal reserve announce an interest rate hike.

The Dow Jones closed the day at 20,950, up 112.73 from its open.

The Nasdaq gained 43.23 to a finish of 5,900.05, while the S&P 500 ended the session at 2,385, 21.86 higher than it began the day.

Earlier Wednesday, the Federal Reserve bumped interest rates up by 0.25 percent. That brings rates to between 0.75 percent and one percent. In a press release, the Fed says that a strengthening labor market and expanding economic activity led to the decision.

In a trip to Michigan, President Donald Trump announced that the White House will re-examine federal fuel economy requirements for vehicle manufacturers. The regulation was part of former President Barack Obama's administration's efforts to fight global warming.

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