North American stock markets surged Wednesday afternoon as the U.S. Federal Reserve raised its benchmark interest rate for the second time in three months. The central bank hiked its key short-term rate by a quarter-point to a range of 0.75 to one per cent, in a move prompted by solid signs of a strengthening U.S. economy. It was the third time the Fed has raised rates since December 2015. Read more:U.S. Federal Reserve hikes interest rate for second time in 3 monthsThe U.S. central bank also noted that any future hikes will happen at a gradual pace.

Source: thestar March 15, 2017 17:29 UTC