Yellen Surgery Initially Successful, Rates Rise Stocks Up Big

Janet Yellen did it. Goldman Sachs was correct. We have liftoff! After the comforting Fed interest rate announcement by the Federal Open Market Committee that it will raise interest rates by 1/4 point for the first time in seven years, the S&P 500 finished trading up a strong 29.66 points. Goldman was correct on December rate rise, while others say “what took so long?” In a statement today, the FOMC raised its target rate for the federal funds rate to a range of 0.25-0.50 percent, ending a seven-year period at 0-0.25 percent. In a flash report out after the announcement, Goldman…