U.S. stock indexes rose sharply Thursday after the Federal Reserve hiked interest rates in a bid to rein in rising inflation. The S&P 500 closed higher by 1.1% while the Nasdaq Composite surged 1.7%.

While U.S. stocks and bonds initially rallied after the Fed confirmed the rate hike and released its latest batch of projections, both markets ultimately finished the day lower. By the time the closing bell rang,

U.S. futures are pointing to a rebound for markets Thursday following the Federal Reserve’s first interest rate hike in three years. The quarter of a percentage point increase Thursday brings the Fed’s key rate to a target range of 3.

The Dow Jones Industrial Average ( ^DJI) wavered near the flat line, while the S&P 500 ( ^GSPC) rose 0.3%. The Nasdaq Composite ( ^IXIC) gained 0.7%. Stocks searched for gains after ending Tuesday's session lower.

The Federal Reserve raised its benchmark interest rate by 0.25 percentage points, to 3.75-4%, the central bank’s first increase since July 2023. All 12 members of the Fed’s rate-setting panel voted for it.

The Federal Reserve has raised its benchmark interest rate for the first time since 2023 to address high inflation

The Federal Reserve raised interest rates by a quarter point on Wednesday in the first change in monetary policy since Kevin Warsh became chairman in May. The decision was expected and markets reacted cautiously with stocks largely unchanged while yields on government bonds fell slightly.

The Fed increased its benchmark interest rate Wednesday by a quarter-point, the first rate hike since the summer of 2023. The hike will likely make it even costlier to borrow for homes, autos and other purchases.

Oil prices fell in early ​trade on Thursday, extending the previous day's losses, as reports of Saudi Arabia offering ‌extra crude cargoes through Oman reduced fears of supply disruptions in the Middle East.

With its East-West pipeline shut down, the Straight of Hormuz is the best avenue available and its spigot has recently opened up. Will it last?

Oil prices again were dictating the market on Wednesday, with optimism over a potential quick reopening of the Saudi's East-West pipeline boosting the mood on Wall Street. Brent and U.S. benchmark cru

Saudi Arabia is offering more loadings of crude oil to Asian refiners via ship-to-ship transfer off Oman's Sohar port after drone attacks ​damaged its key oil pipeline to the Red Sea, people familiar with the matter ‌said.

The sun is shining on the economy in August, but September is likely to be a different story as energy prices have soared the last month, taking a toll on consumer confidence,

Retailers’ sales rose by 1.2% last month, versus the 0.5% decrease recorded in July. August’s reading was higher than the 0.8% increase economists polled expected.

CNBC's Rick Santelli breaks down the latest economic data to cross the tape.

U.S. retail sales rose 1.2% in August, beating expectations and showing broad gains beyond energy prices, with ex-autos-and-gasoline up about 1.2% and ex-auto sales up 1.4%. The strength supports upside GDP risk and keeps expectations of continued Fed rate hikes intact.