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Dec 16 (Reuters) - U.S. stocks rallied on Wednesday after the Federal Reserve announced it is raising its key policy rate for the first time in nearly a decade in a sign of confidence in the U.S. economy.
The Dow Jones industrial average rose 223.71 points, or 1.28 percent, to 17,748.62, the S&P 500 gained 29.57 points, or 1.45 percent, to 2,072.98 and the Nasdaq Composite added 75.78 points, or 1.52 percent, to 5,071.13.
Reporting By Sinead Carew; Editing by Nick Zieminski