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The Nasdaq Composite Index rose Wednesday, buoyed by broad advances at biotechnology and IT companies, after the Federal Reserve decided to raise interest rates for the second time in three meetings.

The technology-heavy index rose 0.7% to 5,900.05, its fifth advance in the last six sessions. The benchmark index settled just below all-time highs.

With the gain, the Nasdaq has returned nearly 10% for the year, outpacing the S&P 500 Index and Dow Jones Industrial Average.

A total of 2,009 companies listed on the Nasdaq reported gains, versus 888 that finished lower and 229 that went unchanged. A total of 166 companies reported new highs, versus 47 that set new lows.

Health stocks listed on the S&P 500 rose more than 1%, with pharmaceuticals, biotechnology and life sciences leading the rally. Information technology also advanced 0.6% as a sector.

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The Nasdaq Biotechnology Index rose 1.5% to 3,162.82.

The Federal Reserve raised its benchmark interest rate by a quarter point to 1% in a move that was widely anticipated by the markets. Policymakers continue to expect three rate increases this year, putting the central bank on course for two additional adjustments in 2017.

In terms of upcoming releases, the U.S. Labor Department will report on initial jobless claims on Thursday. Separately, the Commerce Department will report on housing starts and building permits. The Philadelphia Fed will also report on regional manufacturing conditions in the early morning.

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Nasdaq Composite Index Approaches Record High as Biotechnology, IT Advance - Economic Calendar

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