GLOBAL MARKETS-Stocks rise after aggressive Fed hike outlook

On Wall Street, the three main indexes reversed early losses, driven by the healthcare, consumer discretionary, technology, and financial sectors.The Dow Jones Industrial Average .DJI rose 1.23%, to 34,480.76, the S&P 500 .SPX gained 1.23% to 4,411.67 and the Nasdaq Composite .IXIC added 1.33% to 13,614.78.

NEW YORK: Wall Street stocks rebounded from early session losses on Thursday as investors weighed economic implications of the Federal Reserve's surprisingly aggressive interest rate stance, while oil prices surged on supply shortage concerns arising from the Russia-Ukraine conflict.

The Fed announced a quarter of a percentage point increase to near-zero interest rates on Wednesday, its first hike in nearly three years as it sought to combat soaring prices. The U.S. central bank also projected six more similarly sized rate hikes this year, sparking worries among traders about the effect on economic growth.