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8/10/2004
04:54 PM
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Stocks Rise Following Interest-Rate Hike

Rate hikes often put stock buyers off, but in this case, it seems they like the message that it sent: The Fed thinks the recovery will continue.

Stock prices ended significantly higher Tuesday, following a hike in short-term interest rates.

The Federal Reserve raised its overnight rate, which it charges to banks, from 1.25% to 1.5%, signaling that the Fed expects the economy to continue its recovery despite record oil prices.

Our InformationWeek 100 index rose 5.55 points, or 2.1%, to close at 273.29, while the Nasdaq composite rose 34.06 points, or 1.9%, to 1,808.7.

The Dow rose 130.01 points, or 1.3%, to close at 9,944.67, and the S&P 500 rose 13.82 points, or 1.3%, to rest at 1,079.04.

The Nasdaq-100 tracking stock closed at $33.21, up 41 cents, or 1.3%, on average volume of about 101 million shares.

See the full listing of all the companies in the InformationWeek 100 and the top 5 percentage winners and losers for the last closing at informationweek.com/stocks.

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