S&P 500 pushes above 4,010 level, stocks turn higher after Fed raises rates by 25 basis points

U.S. stocks turned higher, shaking off earlier weakness, after the Federal Reserve on Wednesday raised its policy rate as expected by 25 basis points to help fight inflation. The increase in interest rates comes despite recent weakness in the banking system after the collapse earlier in March of Silicon Valley Bank. The S&P 500 index
SPX,
-0.55%
was up 14 points, or 0.4%, to about 4,016, at last check, while the Dow Jones Industrial Average
DJIA,
-0.68%
was up 0.2% near 32,609 and the Nasdaq Composite Index was 0.7% higher. The Fed also said the U.S. banking system remains resilient, in its policy statement. The 10-year Treasury rate
TMUBMUSD10Y,
3.507%
was lower at 3.52%.