Wall Street climbed on Thursday, helped by gains in Apple, Alphabet (Google) and Facebook, as well as the U.S. Federal Reserve’s confidence in the strength of the economy after it raised rates for the third time this year. Eight out of 11 sectors rose, with the S&P 500 communication services index, recently renamed and reconstituted with Facebook, Google-parent Alphabet and other internet and media stocks, jumping 0.80 percent.
Alphabet rose 1.20 percent and Facebook climbed 1.13 percent, both helping lift the S&P 500.
Apple rose 2.05 percent after JPMorgan started coverage of the stock with an “overweight” rating, citing the iPhone maker’s quicker-than-expected move to a services business.
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While raising interest rates on Wednesday, the Fed left its monetary policy outlook for the coming years largely unchanged. Stocks closed lower after the rate hike, but on Thursday some investors refocused on the central bank’s confidence in the economy’s growth.
