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In this Thursday, Nov. 17, 2016, file photo, Federal Reserve Chair Janet Yellen testifies on Capitol Hill in Washington, before the Joint Economic Committee. (AP Photo/Susan Walsh, File)

Stocks spiked after the Federal Reserve raised interest rates

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The Federal Reserve raised its interest rates Wednesday for the second time in three months, increasing rates by a quarter of a percentage point. 

This was a widely telegraphed move that seemed increasingly likely after a strong February jobs report that showed the economy was improving.

Increasing rates is a method of reducing inflation and often has widespread ripple effects on the business world. 

The Dow, a measure of the strength of the stock market, increased 100 points after the Federal Reserve raised its interest rates. 

The rate hike may increase the interest credit-card holders may have to pay on their balance, CNBC reports. It may also increase the interest on student loans, depending on whether or not the loans are fixed-rate or variable-rate. Variable-rate loans' interests rate is tied to the Federal Reserve's rate.

The Senate Intelligence Committee also said it has no evidence Trump Tower was wiretapped

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