After The Bell: Stocks Close Higher After Fed Announcement

By Andy Giersher

(CBS) -- Stocks closed sharply higher Wednesday, all three of the major indices gained one percent of more for the session, after the Federal Reserve indicated the possibility of a December interest rate hike. The S&P 500 gained 24, the NASDAQ added 66 and the Dow Jones Industrial Average closed up 198 points, settling to 17,779.

"More than anything the market wants clarity on the strength of the economy here in the US and the economies around the rest of the world. Today's news out of the Fed gave some encouragement to those who are looking for at least some sort of growth here in the U.S. and maybe a picking up of growth overseas. The Fed at least left the possibility of raising rates on the table by year end," says David Brady, president of Brady Investment Counsel.

He adds that shares of F5 Networks, Cummins and Nucor all appear to be attractive at current market levels.

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