U.S. stocks closed higher after the Federal Reserve (Fed) raised rates for the first time in nearly a decade. In U.S. economic news, Fed Chair Janet Yellen said in a news conference that policy would remain accommodative and that the significance of the first hike should not be overblown. Housing starts rose 10.5 percent in November, while building permits rose 11 percent. Industrial production saw its sharpest decline in more than three and a half years in November as utilities dropped sharply, a sign of weakness that could moderate fourth-quarter growth. Industrial output slipped 0.6 percent after a downwardly revised 0.4 percent dip in October In international economic news, global equities rallied ahead of the Fed decision, with Japan's Nikkei 225 closing up 2.6 percent and European stocks paring gains but ending higher. The dollar tried to hold higher after a brief dip following the Fed decision. Light sweet crude oil for January delivery dropped $1.83 to $35.52 a barrel on the New York Mercantile Exchange, while gold futures added $15.20 to $1,076.80 an ounce. The Dow Jones industrial average increased 172, or 0.99 percent, to 17,697. The broader Standard & Poor's 500 index climbed 22, or 1.1 percent, to 2,066. The technology-heavy Nasdaq composite index rose 55, or 1.11 percent, to 5,050.
