Stock market news live updates: Stocks mixed as traders digest Fed’s first 50 basis point rate hike since 2000

U.S. stocks turned higher Wednesday afternoon, with investors considering the Federal Reserve’s latest monetary policy decision against the backdrop of elevated inflation and a still-tight U.S. labor market. The S&P 500, Dow and Nasdaq each rose and extended gains Wednesday afternoon, after Fed Chair Jerome Powell suggested future 75 basis point interest rate hikes were…