As expected, the Federal Reserve raised interest rates by 50 basis points today, which is the biggest hike from the central bank since 2000. In a subsequent press conference, Fed Chair Jerome Powell ruled out a future 75-basis-point hike. Following the news, the Dow settled more than 900 points higher for its best day since November 2020, while the Nasdaq and the S&P 500 scored substantial wins as well, and all three benchmarks logged their third-straight win. Investors are now turning their eyes toward Friday's highly anticipated jobs report.

The Dow Jones Average (DJI - 34,061.06) added 932.3 points or 2.8% for the day. Every Dow component walked away with a win today, and Honeywell International (HON) led the pack with a 4.5% pop.

The S&P 500 Index (SPX - 4,300.17) rose 124.7 points or 3% for the day, and the Nasdaq Composite (IXIC - 12,964.86) gained 401.1 points or 3.2% for the day.

Lastly, the Cboe Market Volatility Index (VIX - 25.42) shed 3.8 points or 13.1% for the day. 

OIL PRICES RISE ON EU'S PLANS TO DITCH RUSSIAN CRUDE

Oil prices popped today after the European Union (EU) moved to phase out Russian oil. In response, June-dated crude added $5.40 or 5.3%, to close at $107.81 per barrel. 

Meanwhile, Gold futures inched lower today, following the Fed's interest rate decision. Specifically, June-dated gold fell $1.80 -- less than 0.1% -- to close at at $1,868.80 an ounce.