U.S. stocks tick higher, Treasury yields retreat as Fed hikes rates to 22-year high

U.S. stocks ticked higher while Treasury yields declined Wednesday afternoon in New York after the Federal Reserve raised its benchmark policy rate target to the highest level in 22 years. The S&P 500
SPX,
-0.29%
was off by 10 points, or 0.2%, at 4,557.65, having pared an earlier decline. The Dow Jones Industrial Average
DJIA,
+0.02%
shifted into the green, and was up by 22 points, or 0.1%, at 35,460, leaving it on track to extend its winning streak to a 13th session — what would be the longest daily winning streak since 1987. The Nasdaq Composite
COMP,
-0.47%
was off by 49 points, or 0.4%, at 14,091. Treasury yields tipped lower, with the 2-year note yield off by 3 basis points at 4,874%. Bond yields move inversely to prices.