Stocks Decline After Fed Signals Rate Hikes

Stocks are mixed after the Federal Reserve signaled it will raise interest rates in the coming months. Fed Chairman Jerome Powell said prices may continue to run higher as "inflation risks are still to the upside." A quarter-percentage-point increase to is benchmark short-term borrowing rate may be coming as soon as March. At the closing bell, the Dow Jones Industrial Average lost 130 points to 34,168. The S&P 500 dropped less than seven points to 4,350. The Nasdaq gained almost three points to 13,542.