STOCKS JUMP AFTER FED HIKES: Here's what you need to know

Stocks climbed after the Federal Reserve increased its key federal funds rate by 25 basis points.

The Fed indicated that the economy remains steady, the labor market is strong, and inflation has moved closer to towards the central bank's goals.

Following the move, which was widely expected by market watchers, stocks and gold leapt as bond yields sank.

We've got the headlines, but first, the scoreboard:

• Dow: 20,954.24, +116.87, (+0.56%)
• S&P 500: 2,365.13, +20.81, (+0.88%)
• Nasdaq: 5,904.63, +47.58, (+0.81%)
• US 10-year bond yield: 2.508%, (-0.087)
• WTI crude oil: $48.88, +1.16, (+2.43%)

1. The Fed hiked rates to 0.75% to 1.0%. Minneapolis Federal Reserve President Neel Kashkari was the only dissenter to the action. Additionally, the Fed reiterated in its statement that its 2% target for inflation was "symmetrical."
2. Yellen told reporters that consumers should read the move as a sign of confidence in the economy. Yellen also said that she has met with new Treasury Secretary Steven Mnuchin and "briefly" met President Donald Trump. She also said that the FOMC had not considered the outcomes of fiscal policy.
3. The Fed still expects three total rate hikes in 2017. The Fed's dot plot showed that the FOMC still expects two more hikes in 2017, and the median for 2018 remained the same as well.
4. The Department of Justice said that Russia was behind the 2014 Yahoo hack. The DOJ said that Russia's security services "protected, directed, facilitated, and paid" hackers to break into Yahoo's servers and compromise 500 million user accounts.
5. CPI inflation ticked up to its highest level in 5 years. The headline index moved up to 2.7% year-on-year for the month of February. Core CPI, which strips out the volatile food and energy categories, was up 2.2% y-o-y.
6. Retail sales increased in line with expectation. Retail sales in the US rose by 0.1% for the month of February and core retails sales - which exclude auto sales and gasoline - rose 0.2%, also in line with expectations.
7. The Empire Fed manufacturing index slid slightly. The reading if manufacturing in New York State fell to 16.4 for the month, down from February, but in line with economists' expectations.

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