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NEW YORK -- Stocks struggled to a mixed finish today after the Federal Reserve's widely expected interest-rate increase did little to calm turbulent U.S. markets. The Dow Jones industrial average fell 37.85 to close at 11,003.20. The Dow rose as much as 60 points in the moments before the Fed released its decision, then bobbed between positive and negative territory for the rest of the session. The Standard & Poor's 500 fell 0.16 to 1,409.12, but the Nasdaq composite rose 21.98 to 4,073.96. Dow slips 37.85
Advancers beat decliners by a 5-to-4 margin on the New York Stock Exchange, with 1,690 up, 1,320 down and 512 unchanged. NYSE volume totaled 1.033 billion shares vs. 978.02 million yesterday. The NYSE composite index rose 1.09 to 625.93; the American Stock Exchange composite gained 4.61 to 877.69; and the Russell 2000 index advanced 6.14 to 509.89.
In the biggest rally in five months, 30-year Treasury bonds rose 1 26/32, or $18.12 per $1,000 face value; its yield fell 12 basis points to 6.31 percent, the lowest level since Dec. 14.
Stocks gave up early gains after the Fed said it was increasing its target for the federal funds rate - the interest that banks charge each other on overnight loans - to 5.75 percent from 5.50 percent.
Higher rates can cut into corporate profits by raising the cost of borrowing money. That makes it more difficult for businesses to finance growth.
As a result, investors turned to the companies that are advancing quickly enough to outrun rising interest rates. For the most part, that meant technology stocks.